I'm sceptical of that picture, at least that it shows what you think it does. I'm guessing you got it from here after Google searching for the image. If you look at the rest of the images, there are very conventional shortcomings, like horribly flat ground with zero anisotropic filtering. Looking at this videoWhen some effort is taken, PS360 is exceeded the system shows better framerate, lighting and reflections as Need for Speed proves. The Pikmin 3 screenshots that pop up all over the place now show very good ambient lighting.
There's a lot of Nintendo art that stands out, like specular shading and rim lighting, but also a lot of uninspired lighting and texturing. If you watch from 13:23, a lens flare kicks in that makes everything look better, and then it's gone 10 seconds later and the game looks very ordinary. There's a lot of static content meaning lots of prebaked opportunities (both static lighting and environmental maps). There are certainly some nice shaders in operation, but I couldn't point at Pikmin and identify that it's better than anything PS360 could do if they implemented the same game.