It's not really an expansion per se, but they've said there will be some new content, and I'm sure a lot of existing content will be refined, so it might feel like an expansion. I don't often say this, but I'm really expecting Larian to change almost every single aspect of the game and really address all the issues people have complained about. I'm expecting massive rebalancing of skills, talents, loot, and enemies, improved AI, better graphics and UI, a slicker and more nuanced story, and a better distribution of content throughout the game.
And maybe some improvements to the modding capacity, though I still express worry that existing mods will be incompatible with the enhanced edition. That'd be a serious bummer if the mod I and others spend 100+ hours on would be all for nothing, but I can't blame Larian for doing the right thing for D:OS as a whole.