Mid-cycle refresh. I don't expect any powertrain changes (engine, absolutely not - it is not yet 4 years old from a clean sheet design, transmission.... maybe, transfer case, nah). We'll see a nip-tuck on the nose and tail, maybe some improvements to the interior materials. New colors, possibly.
If they finally get off their arse and offer a special edition offroad version, like the TRD trail teams, I'd be very tempted to trade. I hate that the FJ gets all the love for special editions.
The Highlander redesign is fantastic for the intended purpose... families with 2 or 3 kids that refuse to buy a Sienna. It is a minivan that doesn't look like a minivan. That is what that segment is clamoring for. My sister in law has a 9 year old and infant twins. She asked about putting them in a 3rd row 4Runner. I said she was insane and she should get a Sienna instead. Then she asked about the Highlander. This new Highlander could possibly work because she really doesn't want a van. I have to say, though, that the new Highlander has an impressive cargo area with the 3rd row down.
Then again, I'm a weirdo. I'd totally drive a Sienna. Take out all of the seats except for one captain's chair in the 2nd row for Essie and I have the perfect bike hauling ride.