According to this doc (
Railway Investment Priorisation Strategy (infrastructure-ni.gov.uk)) the trains will need replaced in about 5 years, though I wouldn't be surprised if it was sooner given there seem to be reliability issues.
It also talks about potentially adding a third track from Adelaide to Great Victoria St/ Transport Hub, though I'm not sure if that's still in the plans.
Its not a particularly quick service. Although the units and max lines speeds are 90mph I think, it takes about 2h10 to do maybe 120 miles, so averages out at about 55mph, and it works out a similar speed for the Drogheda-Portadown section. At 2h10, journey times are similar to the express bus, and only slightly quicker than the airport stop(2h20) and Translink stopping service (2h30). But if you're not travelling from city centre to city centre then driving will probably be much quicker, North Dublin - Belfast can be done in 1hr 40 (~100mi)if you avoid the traffic. Additionally the public transport integration in Belfast isn't great, though this will improve with the Transport Hub (despite the lack of connection to the BRT 'Glider' network).
The strategic rail review doc does mention exploring the feasibility of up to and over 200kph speeds, which is probably what would be needed to make the route competitive with car journey times. Eg London - Nottingham is about 130m on MML and takes about 1h40 with 3 intermediate stops. I'm guessing costs would be prohibitive, given the previously mentioned issues with suburban services, unless it were some sort of politically driven 'reunification' project if that ever happens. Wouldn't be too dissimilar demographically to Prague-Brno in the Czech Rep where they're planning a high speed route for up to 320kph operation. If they did that then sub-1hr journey times would probably shift the mode share equation quite a bit.