I'd love to see an update, especially if he were to include some basic Belgian styles like wit and strong dark ales.Keep in mind that the recipe is probably the least important aspect of brewing. 10 people brewing the exact same recipe will come up with 10 different beers.
I like Designing Great Beers over any of the previously mentioned books(I have all of them). It gives you insight on creating your own recipes that fit your system and brewing style.
DGB is a great book, but it's getting dated. When you look at the award winning recipes, there are a lot of them that wouldn't be formulated that way using ingredients we have available today. As long as you recognize that and can compensate, there's a lot of great stuff there.
Rumor at NHC was that he was working on an update. I haven't heard anything official.
I do think that Ray's talk at NHC this year (Drink what you think?) was like a mini DGB.