It's World of Warcraft. They are remaking a bunch of models (specially the playable races) for the new expansion.

I can't believe this game is 10 years old.

Not really, the low graphics contribute very little if anything to that. While it's true that you can play it on some pretty shitty systems (Not to it's full ability mind you, you still need a somewhat potent comp to raid even on really low settings.), most of the reason for its success is the social aspect. People want to play with their already-established friends and whatnot. As well as it being a very polished game despite what some people's opinions on MMO's may imply. Good games are lasting after all.

Also, with the upgrades they are implementing a feature to revert back to the old models for the people who have really shitty setups.