You seem to have missed two facts: I did this in just one hour, and Lair is admitted to cost $15-20 million... One would expect a little more difference between the two efforts.
Granted, I've used an off-the-shelf 3D package and Factor 5 had to write a rendering engine and some level building tool for it; but the work behind the source art and the lighting isn't that different.
The shots look like some rushed, incomplete test levels, so either they shouldn't release them at all, or if that's how they intend the final product to look like then it's time to reconsider their options.
Frankly, your image was missing quite a few details that were in the original and had really failed to prove any of your intended points. For instance, they at least had different "layers" on their little islands, their water looks more realistic, and the "foam" or feedback effect that the water got from the surrounding islands looks much better than yours. In other words, I felt that if you had points to make, you should have just saved yourself that hour.
Without knowing the thorough back story behind this whole game, I think some of the art is going to be hard to judge as well. For instance, I notice most of the rocks have multiple "layers", possibly alluring to drops in ocean level, a trait that could possibly have relation to the story. They same goes for the people requesting more color - the story I believe is that apart from a small area in the game world, no vegetation can grow.
Thats not to say theres not a lot to criticize about the game, as the fire effect that we saw last year was disappointing, and like I mentioned, the self-shadowing needs a lot of work. But the reasons that a lot of people are impressed by these "new" (I'm not sure anymore, since someone said these are actually old) screenshots are that they show a vast improvement in scale over what we previously saw, they show something other than the bridge, and they show improvements over the dragons with segmented tails that we previously saw. The barren land could be made better though, for instance, with extra rocks here and there and if 'sea' level theory is correct, maybe a dead reef somewhere.
Overall, the game seems to give off an aura of freshness (not often done) for both the consumers and the developers and the approach they took. Technology-wise, I'm not sure what is involved, but the models look to be detailed enough and their 'HDR' lighting looks to be OK. Theres criticisms on the poly-count of the big monsters, but from what I can see, its acceptable - we're looking at them from quite far away and I think a lot of this depends on the progressive mesh system that they're trying out (and improving as well I think, judging from previous versus recent screenshots).
And after typing all that, I think I'll have my morning tea now. Writing that much makes me feel like Acert.