What defines games like these is content. As we have seen in Divine Divinity, having depth can make a huge difference. I firmly believe that a 3D rpg can combine combat heavy gameplay with a decent multi-faceted storyline.
That being said, I don't think a sequel means "a revamp of the old game".
I agree. I just hope they do what Microsoft did with "Fable:The lost Chapters" and make there be several different options for viewing, whether you want the camera to be able to rotate etc.