Heck no!
As far as I know, 3e only has a few GLARING problems that would be worth a 4e to change, and most of those aren't any more (or much more) far-reaching than 3e to 3.5e.
1) Races and monsters should work the same. Already a GIANT step in this region with 3.5.
2) Mutliclass spellcasting not sucking while not being too powerful. There are several house rules to fix this, and the Mystic Theurge does what it can...
3) Classes need to be kept, though perhaps the idea that every class needs HD and BAB advancement at each level can be done away with (NPC's may just need one HD at every few levels, for instance)...Savage Species is a nice step in this direction.
4) Hit points need to be kept. It's very key to the 'heroic' feel of D&D
5) Magic MAY be slightly re-tooled, though it may be far too big of a sacred cow to banish. I could see the arcane/divine distinction blurring (as it already is with the likes of the bard), and perhaps switching to a point system, but they may just keep that for the 'optional magic' of psionics.
6) AC's may be slightly redone to have a bonus-by-level calculated in. That's the only change I think they would reallistically make for it.
Those six fairly minor (though basic) things are the glaring issues that I see, and two of them are on things that need to be kept.
Compare this to how big the change from 2e to 3e is....from NWP's to Skills, from THAC0 to BAB, from half a dozen saves to three, from kits to prestige classes, from restrictions to options...
I don't think 3e even NEEDS as big of an overhaul as 2e did. If 4e is to 3.5 what 3.5 was to 3e, I'll be happy (e.g.: they don't change major things, but alter a lot of basic mechanics to work better). Of course, making sure they ditch the whole 'Andy Collin's House Rules' feel of the new ruleset.

But yeah, 3e doesn't NEED that big of an overhaul...