The latter. Honestly, Stallone's range is quite narrow and at this point Rocky has become such a shadow of his former glory that this movie would have to be something rather extraordinary to even approach the sort of pathos you're suggesting. I guess I'll have to see for myself.
But I have. And I loved it. I thought Rocky was a beautiful film. The problem is: they made it a cartoon over time. Maybe they can pull me back. I'll give it a try.