It has to be a target render, you can see polygons everywhere. If it's not a target, then it's some pretty low-end CG!
This game looks cool though, they did a preview in GameInformer a few months ago, showed a overhead view of metropolis(?) it's HUGE, and then there's supermans little getaway place that you can fly too, the whole things seems about the size of the map in GTA SA so pretty damn big.