If the revamp continues all the way to worlds such as Celestia and Avalon which features underwater areas (which I am excited to see), then I think Crab Alley will join in on the updates.
Regardless, I am hoping that the revamp continues throughout the spiral.
I think it's just the matter of time when so, really. Ki is slowly revamping wizard city bit by bit and perhaps why crab alley and such areas that are untouched by the revamp process is because it wasn't a priority for the mindset of a "common area that beginner wizards visit" unlike the commons and such.
Crab Alley will most likely get redone in the next update. It might take a little longer under the fact they have a dungeon for level 60s. I am hoping though we do get many of the spell animations and graphics redone. Many of the models on NPCs have not yet translated to the spells yet. I would like to see that eventually happen.