Personally, I really like
4E, but I see no reason why any of the settings here should be updated. They're all pretty established in our minds, and I think it would be nice if they stayed that way.
Also, I find it funny that everyone mentions the dragonborn and tieflings, but never the eladrin. We lose the gnome and the half-orc (Not really lost, just moved to the
MM and still playable) and what do we get? Another elf? Kinda ridiculous if you ask me.