In the same idea of player created content, i have been thinking for a while of the possibility to be able to have a scripting language in
PE. That could for example allow ingame society websites/forums, new player-created commercial services,...
Concerning a new game engine and graphics quality, i think lots of people (like me) can't play
PE yet with full detail and without lag, so i don't think it will be done before 1-2 years. But if it was done, i hope they would in the same time port the game for the next gen consoles. Or keep the actual engine, and even port it to the actual consoles!