Look at the fire in the first pic and then check the fire in the second..
These are so blatantly not the same build..
Then look at the texture/shader detail in the third pic and then in the second.. Its almost as if these pics represent the progressing of graphics fidelity as the developers enhanced there engine over time..
My problem is I *really* don't see how the first pic could be even some sort of test render.. If I were to test the game engine for (an example) how many dragons the system could cope with being rendered in real-time, i'd render them with full shader effects and target texture resolution since otherwise the purpose of the test itself wouldn't give you anywhere near a resonable result in the capabilities of the engine under any useful case..
Also i'm sure I remember the developers talking at SIGGRAPH I think it was, regarding the massive poly counts each dragon would have, something thats *clearly* missing from the first pic..
To me the first pic *screams* PSP (iminent announcement at TGS maybe?) whilst i'm more concerned regarding the detail levels of the dragons in the second pic (which from the looks of the soldiers, not to mention the numbers, shows this is a next gen console rendering) and also the fire effects on the fourth pic on the website..
However I know factor 5 and the emphasis they've put into eye candy on their games previously so i'm hardly worried, moreso i'm anxious to see the game in motion at TGS and find out exactly what the game mechanics entail..
EDIT: I recently played rogue squadron on the gamecube and as a result I really have alot of confidence in this company when it comes to pushing the graphical envelope.. I mean, any dev team that can make a 1st generation GC game look almost as good as (and in some cases better) than even some of the 1st generation Xbox360 titles ("Gun" anyone?) deserves the benefit of the doubt..