I would agree with this assessment. Blops 2 doesn't need a new engine. I hate COD at this point, but there is no reason they can't make enhancements and have it look and play just fine. It's actually a pretty good engine, it runs well and seems easy enough to optimize....
All that said, they wouldn't make a new engine because the current consoles couldn't support a better engine. It's rather impressive they have it run at 60FPS (not that you would see a difference between 60 and 30 FPS on a console since TV's only actually display 30 frames of information per 60 draw cycles anyway (so it's like having a PC game run at 120FPS on a 60Hz monitor, you only see 60 frames of information so there is no difference)). That of course comes in the form of muddy/blurry textures with tiny little maps with nowhere to go but forward, but still, impressive.
All that said, they wouldn't make a new engine because the current consoles couldn't support a better engine. It's rather impressive they have it run at 60FPS (not that you would see a difference between 60 and 30 FPS on a console since TV's only actually display 30 frames of information per 60 draw cycles anyway (so it's like having a PC game run at 120FPS on a 60Hz monitor, you only see 60 frames of information so there is no difference)). That of course comes in the form of muddy/blurry textures with tiny little maps with nowhere to go but forward, but still, impressive.