Yes and No; there's a bunch of things that could be upgraded on the first gen. There's a handful of features that competitors have that would need new hardware to integrate, some of these features being kind of useless. There are also some advantages that come from the KPA's limitations.
Having briefly owned a Helix, I found it just as easy, if not easier to get things set up the way I like it on the Kemper, and that was before the editor came out. Nor do I see why having touch screen like the Quad is a significant advantage over the robust and plentiful buttons, knobs, and switches on the KPA, although admittedly a larger screen might be nice for visual purposes. How is it any better to twist foot switches than to twist dedicated knobs?
MAYBE there would be some cool combinations of two amps/cabs that would be cool; two KPA owners could chime in here.
But the Kemper's limitations are some of its biggest strengths. The simple straightforward fixed signal path (with pardons to the A-D parallel options and some parallel options for the delay and reverb slots) is quite convenient. There is such a thing on the KPA as locking effect and amp blocks because there is something fixed that is shared between Rigs. The KPA's unique volume attenuating feature is what allows us to boost and cut the gain and never worry about our rigs matching in volume after we do so. An always available looper, not something to worry about DSP or place in individual rigs. Might these things disappear if KPA was to go the direction of the Helix/Quad?
The wide open blank canvas signal path of the Quad and Helix seems cool, but is unnecessary for 99% of guitarists needs. Why do I say this? Because 99% of traditional pedal boards (including ones containing multiple digital pedals with presets) have signal paths no more complex, and usually less, than what you can get with a Kemper. "Oh but you can run multiple rigs through a quad or helix." Yeah, because us guitarists are just dying to give up half of our Dsp so our bassist and acoustic guitarist can plug in our pedal board, and then we can worry about trying to organize all their sound and pedal changes along with ours. Who does this and when would it be useful?
There are also some things that I don's see any reason the first gen KPA couldn't add in future firmware updates with the existing hardware:
1) more midi options; this seems like an oft requested feature and I can't see how expanding the ability to send such simple messages would have any effect on DSP.
2) A handful of new effects. The delays, Reverbs, and Pitch are already first class. The overdrives, are already upgraded and a new one has already been announced as on the way. The compressor and EQs are excellent, though some would like some additional compressor options. The existing mods are good, perhaps something fancier here.
What could be improved in a version 2, that can't be done in the current hardware?
1) Two amp/cab possibilities. How about a parallel mode, where you hear two amps/cabs in parallel with the ability to pan them center or spread out in Stereo? How about a toggle mode so that the two amps/cabs could instead be toggled within the same rig? How about a doubling effect and controls for this in the amp block so that it sounds like two amps/cabs are being used when only one is?
2) How about one or two more effect slots on either side of the amp section with an extra effects block part of the parallel options we have in the current generation?
3) How about fully stereo signal path; mono by nature effects such as overdrives could be left in the center by default or panned left or right?
4) How about more effect loops similar to the Helix setup?
5) The ability to be an audio interface.
6) Bigger screen
7) perhaps six soft buttons along with 6 knobs above AND below the much bigger screen. This would reduce the need for as many feature specific buttons and knobs, since the bigger screen and extra buttons could be shared for many features.