Andy "Frelorn" Cataldo of the Asheron's Call community team casually posted a tease yesterday of what appears to be a major graphical upgrade for the venerable MMO on the official Asheron's Call forums.
(Click the image above to view the after shot.)
The upgrade is likely to make it into the game as part of a larger update slated to release this November, however Frelorn does mention that it is possible that some of the texture upgrades may make it into the game even earlier.
You can view the remaining two example shots here.
[Thanks Christopher8 for the tip!]