I think the main thing to consider here is that there are many features in Titanium that still don't work. So, updating to Live or a later expansion would probably mostly just add more features that don't work in the emu.
The best part about Titanium is that it is a full install that people can install and run the emu straight out of the box without having to worry about getting illegal patch files (which shouldn't be done anyway). As far as I know, it is the only expansion that ever went live before another patch had gone in before-hand. With this unique circumstance, the sniffers were able to catch many of the opcodes and such that are needed to run Titanium properly.
Trying to keep up with live is almost impossible and would be WAY more work than it is worth. The only other option would be if SOE ever releases another full pack similar to Titanium that they run on live prior to patching it for the first time.
Some features that would be great in Titanium, but don't work perfectly or at all still are the Bazaar, LDoN Points, guild banker, porting gem stones for guildhall, boat system, Group/Raid AAs, Raid system, many AAs, /melody, the tribute system, /friends list, and I am sure many others. I know some of these have some custom code changes that might help them somewhat, but as far as I know, none of these are completed or in the official source yet.
The only thing I would like to have from live would be the newest weapon models, NPC models, and zones. Most of the other features I could care less about personally. But, with the recent addition of the final 100 or so .map files for the last few Titanium expansions, that should be enough to keep people busy for a while and give some new options for custom zones as well.
Basically, we have enough work left with Titanium to last a few years most likely. It would be great to have access to some of the newer features, but I doubt it will happen until Titanium is much more completed. I do think it would be great if we could use the latest EQ Expansion Package, but I am not getting my hopes up lol. The devs have said many times lately that it most likely won't happen anytime soon if ever.
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