Yea, a lot of times when you hear that editors of a website got a game in their office to try out from the developers, it's probably just the latest 'build'.
Take making a custom scenario in a game like Age of Empires for example. You work on it and once you get to a point where you want somebody else to judge it, you give that person the latest 'build' of your work. As you progress and finish more and more and then want to have it tested again, that's your next 'build'.
There is also the E3 2006 MGS4 trailer that ran with a really poor frame rate, the game was tweaked and when the next trailer came out on that newest build, the frame rate and such was much improved. Then, they used a more current build to remaster the E6 2006 trailer, fixing the frame rates and adding subtle effects as well.
I wouldn't take it as saying the game is suddenly going to look 200% better, but it will be improved as tweaking, bug fixing, and all that other jaz get done.