Actually, about 3/4 of the game engine was updated or rewritten, and in addition to graphics quality improvements, there were also some changes to file formats used to make assets easier to manage, etc. I'm not sure about the basic textures, but no models / icons / characters / etc are being reused* (textures would at least be looked at for quality vs size; as mentioned, even if entirely new a texture of a common rock is going to be relatively similar to an old texture of a common rock).
* Obviously during development there were a lot of placholder and reused assets, replaced as development progressed.
@Raze, thanks for posting this. This is actually quite informative if you are being authoritative with this information (as opposed to it being your opinion or guess).
Assuming this is authoritative, could you please explain why "... even if entirely new a texture of a common rock is going to be relatively similar to an old texture of a common rock"? This is a sincere question.
And also, are you confirming that all art assets (models, textures, whatever) for environmental objects and characters are/will be newly created specifically for this game?