There's a reason for the dated graphics. The game map is over 28,000 square KMs, no loading in between the different areas etc. Today's graphics would need a PC yet to be made to run the game.
But the graphics dont bug me at all, the atmosphere is just great along with the best teamwork I've seen in a long long time. At the time of writing this, I'm in a JU52 with my new squad, the 1stFJ on our way to relief our surrounded squadmates in a enemy city they jumped into.