It's good they've been updated.
Capcom is a company that normally smashes you over the head with very well-realized, bizarre styles. MVCI is much more lukewarm in this respect. The further you get away from gameplay, the more the product looks like it could be made by just about any decent studio, stylistically.
Yet I wonder if this will actually work in it's favor? It's obvious that the masses don't care about strong, individual styles... they care about images clearly stating "this is a soldier" or "this is a specific pistol". This is probably the most "Netherrelm" a Capcom fighter has ever looked... and for a set of gamers, that might make this a lot more approachable.