I'm guessing full refurbishment will be part of the new franchise.
I suspect so too. Units are having the worst seat cushions replaced, but overall there is no internal refurbishment. If Stagecoach and the DfT had agreed a direct award franchise extension until 2019 then I think an internal facelift with all new seat squabs and carpets might have happened. But generally, aside from the seat covers/cushions and carpets the 444/450s are wearing well.
Fear would be that if First get the franchise the 450 fleet will go Standard Class only (and the 458/5s stay that way) given what they did to GWR to increase Standard Class provision.
Back the the 450/5 fleet - all regained First Class but I'm surprised that they didn't get dedicated to the Reading services until the next internal cascade because their HC mods around the door areas would be useful on those services, especially between Feltham and Waterloo.