I think the latest screens look better but fall way short of the target renders. Coming from an art background I have to agree with Yosh, it's sloppy and rushed. Isn't this game supposed to be coming out soon?
They were never CGI mind. These "target renders" were actually real time and they were available to to try with the SIXAXIS (I think during GDC 2006). The game was still a tech demo then though. It wasnt exactly playable. You could only freeze and rotate the camera and marvel the graphics. It looked splendid in every way.
Drops, wet surfaces on the dragons, lighting from thunders custed on their skins, impressive clouds etc
Which reminds me....what happened to the skin and muscle deformation which devs talked about in the past and showed in that demo?