I played Axis and Allies once in the early '90s and disliked it intensely. My opponent was a big fan of the game, and it seemed like his opening plays were too scripted. It honestly seemed like I was playing a game that had been solved and offered as little spontaneity as a typical midnight showing of the Rocky Horror Picture Show.
The idea of making this into a six-player game is cool, because I prefer multi-player games anyway. But If they're going to do that, why not just dump the WWII theme and make it a sci-fi setting. Then they can have more balanced starting positions and forces, and also strip away the team concept.
I think the key to revitalizing A&A isn't to go the "BIGGER THAN EVER!" route, but instead to learn a lesson from Risk 2210. 2210 isn't "bigger and badder" than regular Risk. It plays quicker but doesn't short change the epic conquest. It adds more options for players while retaining the simplicity. I'm not sure exactly how I'd achieve the same results with A&A, but that is what they should be trying to do.
I think the revised edition takes away some of the scriptedness of the game. The victory cities seem to give more options. But it still feels somewhat scripted...Germany has to beat up on Russia. Britain pretty much has to beat up on Germany. the US has to keep Japan at bay while beating up on Germany. Japan seems to have the most flexibility.