Aye - it's a tough balance between maintaining compatability to a large user base and bringing the graphics/effects into the 90's
If you've not taken a look yet - it's worth checking out the movies showing the new effects that Beo posted.
Performance on SISI has improved a ton (traditionally it's always been poor due to limited resources) but it looks like they've started on the client performance tweaking & optimisations.
I have a legacy of 900 BM's on one of my chars that I've never got around to sorting and cleaning out. On TQ they load like a dog - but on SISI the load is virtually instant.