I think it means:
The models (the polygons et al) will look that way or better (mind you, he stated visors will be added in the game), but the rendering (all the shiny stuff) will look different.
I suppose it's legitimate as long as they don't focus too much on producing renderings (i.e. don't waste effort on shiny pictures but actually work on the models and not the way they are presented for now) and get the Alpha of their engine done ASAP.
Then again, 2007 is not tomorrow, so they've got the time they need.
It looks a lot more trustworthy than most things I've seen lately tho.
Congrats, mate.
EDIT:
Could you maybe improve the contrast of your site? It's a nice design, but the font is way too dark for a black background.