The full text can be read here, but it’s not really worth reading to be honest, no details are unveiled yet, we only know we won’t be having a new patch for months, until they are done with the 64bit binaries, console controls and the new renderer.

It’s likely the new renderer will be able to use more texture maps, maybe PBR materials, but I don’t think they are going to touch the engine which will leave us with flat 360/360 meters maps.
And quite frankly, it doesn’t cut it.

I was very vocal about how graphics don’t matter and only content/gameplay is important, but I was wrong: people just don’t play old games for more than a few hours of nostalgia. Usually; they are always exceptions or course, but it’s not worth it developing on an old engine, in my opinion.