Last graphics update? Dunno. At least they are not using EGA graphics anymore; the game was updated to 800x600 VGA true-colours several years ago
But you don't play the game for the gfx, but for the incredible depht of the game. It is not an easy game, the UI is archaic, and the less said about the gfx the better.
Everything in the game can be used for something, and most likely to stuff you didn't even think of first (like for example, I encountered a sleeping hunter, sneaked close by and stabbed him in the back until I was sure he wouldn't move anymore; he had some nice gear, but his shirt and cloak sadly were ripped (some bastard apparently had stabbed him with a knife in the back...) so I stripped the shirt to cords, those cords I used to build myself a bow and a couple arrows and did repair the cloak). Freedom like seen in very few games (in the league of EVE and DayZ regarding freedom to do what ever you want) and the area is big enough that it would take *very* long time to explore it all. You can choose yourself if you want to be a hunter, a trapper, a fisherman, a cannibal, a farmer, a robber or any possible combo from those. The main thing is that you need to stock up food and you need shelter because winter is coming (if you don't have some sort of cabin with a fire-place (and lots of firewood stocked up) when the temperature hits -30 degrees, well, you can kiss your butt goodbye).