This is my vision of how the now Jedi Master Obi-Wan Kenobi will look in Star Wars: Episode 2. Since Episode 2 is supposed to take place roughly 10 years after The Phantom Menace he'll obviously be looking a lot older. Perhaps he will have grown in his beard. He will have gotten rid of the braid as its a Padawan hair style. He will of course have built a new lightsaber, the one we see him use in A New Hope. I even gave him a new vest with a color similar to those worn in ANH. He might even wear the saber his master used, the one he used to slay Darth Maul, on his belt in remembrance of Qui-Gon Jinn.
Jedi Master Obi-Wan was made by a simple retouch on the Obi-Wan Kenobi(Naboo) figure released in the E1 Wave 4. I simply cut the braid off his neck, and sanded it down to even out any rough spots. A beard was painted on with a light brown, however I think the beard makes him look more like Commander Riker from Star Trek: The Next Generation, than an older Kenobi. I painted the vest a desert tan, to somewhat match the color in ANH. Finally, I took an extra Classic Anakin Skywalker lightsaber and gave it to Obi-Wan, since the Classic Anakin saber is actually a Classic Obi-Wan saber. I also kept the saber hilt that originally came with the figure and placed it where it belong to act as Qui-Gon's hilt, since they were so similar.