It would be more like getting an old laptop with a new processor and graphics card installed. It's also probably the quickest and cheapest way to give more PVE content while they work on something actually new for the late 2016 update.
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the only thing that would be kept the same would be the outlay and maybe the mechanics? they would have to redo all wepaons (esp elemental primaries) damage scales, and all that. basically the same amount of work
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Outlay and mechanics are two pretty huge things they wouldn't have to work on. How hard would it be to remove the elemental burn from primaries? As far as the damage scales the formula and coding is already there for the exotics. It certainly wouldn't be the same amount of work as a new raid from scratch.