Yes, it's safe to say that we're doing a bit of a "refresh" on the theme.
Generally speaking, it's going to look familiar, but it really is a completely new theme. The design is totally new, but it follows most of the same goals and concepts as the original AJ (that is, it's going to emphasize paper, wood, and physicality).
Beside the look, there are some extremely radical changes on the technical side of things. For instance, AJ2 is a "responsive" theme... so it will just magically adjust itself to make the most of tablet and mobile devices (think: automatic mobile version of your website).
So when I say the changes in AJ2 are dramatic, I really, really mean it. ;-)