Well, yes and no.
If they manage to improve just enough so that it doesn't feel dated like for instance, Resident Evil 5, I think it will be fine. I think this type of gameplay won't age as fast as some would.
In short, unless they screw up and REMAKE God of War II, I don't think this should be a factor. As far as Hack and Slash goes, Ninja Gaiden hardly changed anything and I don't think anybody has complained (except for the camera) about the basic fundamentals.