A post on the community site for Lionhead's 360 exclusive reads: "The latest two renders with the armour are rendered entirely with in-game models and textures, and also use the specular and normal maps . They are rendered in XSI (purely because it's a lot easier and quicker to get the exact pose and camera angle you need).
"With regards to more depth - there is certainly a lot more this time around. Infact, I'd go so far to say that this really is the tip of the iceberg."
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Take a look at more Fable 2 action here. Hopefully we'll see some hard evidence of a game soon.