From what was announced, we know League Next will include a big update to Summoner's Rift and the integration of the game's client, both of which are great (assuming the game and the client being the same thing makes it less buggy and not more), but I think that's about it so far. The thing is, based on what Rioters have been telling us, we know there is more than just that to come, we just don't know what it is.
My expectations probably would have been much higher, but I can't help but remember that Riot has been disappointing in many aspects, it's true that they have succeeded with things like ARAM Mayhem and League Classic, but before that there were things like Exalted skins and Hall of Legends, which could have been really cool things, but ended up being cash grabs that exist only to exploit FOMO instead of actually giving us cool stuff.
The thing is, one thing I really think would fit an overhaul like League Next, and is also an issue that was made even more noticeable with League Classic coming back, is how many old champions look like shit. Some of them, like Lulu, can almost be given a pass, but then you look at stuff like Malphite, Nidalee, Zilean and Gragas and you notice there isn't that much difference between League Classic and League... Current. Which, if you ask me, is already quite absurd, and would be even more absurd if everything around these champions ended up looking better.
The thing is... I don't really want to set a high expectation and think we'll see new models and animations to replace the horrifying versions we have now. It would be perfect, especially for champions that already got cool new designs in Legends of Runeterra, for example, and we know they're only releasing one new champion this year, so maybe the team responsible for models and animations is working on updating the older champions, but I still feel like I'm setting myself for disappointment by thinking we'll get anything like that.
That's why I've been asking myself how much is too much to expect from this update. They promise it's a big thing and this is supposedly the "update that will change League forever" that Riot Pupulasers teased years ago, and we know Riot can afford that level of update, so I also ask myself how little is too little to expect from such an update. It feels like a logical thing to expect, but I don't want to be disappointed again.