So if someone redoes a project you think it misrepresents the original scope of the project… but if someone sticks to the concept but updates the renders and sketches you also blast him/her for not bringing anything “new” to the project? Sounds like it is pretty hard to please you 
(also I DO think redoing the visual part is something “new” regarding your skillset).
Let’s be frank, the person who applies for the job doesn’t want to put subpar work into their portfolio and the person hiring doesn’t want to see shitty old stuff that doesn’t reflect the NOW. In my opinion it is pretty uninteresting to look at some project from 4 years ago without being updated. What exactely is that supposed to tell the portfolio reviewer?