No, it's more than that. They've re-worked some texture from scratch. Case in point - the pictures behind the old man; the old man's robe on his left hand side is now vastly more detailed; and his hand. They also made some other changes to the models, and vastly improved the lighting. (Although it has to be noted that the cutscenes will have better lighting effects than gameplay.)
To really see the massive difference in the two builds, open both these images in new tabs, and flick between them:
http://image.blog.livedoor.jp/imasnews/imgs/9/6/964a3ea3.jpg
http://image.blog.livedoor.jp/imasnews/imgs/3/d/3d69fde8.jpg
Also, thanks to whichever mod stuck the video in my original post. Not gonna watch it myself, but I'm sure others will. =)












