If ordered in large volumes to replace existing cards and new cards, the paper to plastic migration would only be separated by pennies due the the millions being ordered.
The next generation card would last longer, and your parents and/or grand parents would not have to laminate them!
Newer security features could be incorporated to prevent replication (which can be achieved quite easily with the current paper card), in addition to having the possibility of incorporating special overt and covert features (kinegrams, ink, designs, etc.) for security and audit purposes (biometrics, pictures, future chip technologies, etc.). In this fashion, lost cards could be simply deactivated versus misused or reused inapporpriately.
A new card would also reduce fraud, since more internal controls could now be set to the appropriate user for audit purposes.