Gametrailers has made a comparison video between the old target render and the new up to date E3 trailer.
click the following link to watch: http://www.gametrailers.com/video/trailer-comparison-the-last/51780
I didn't embed it because you need to watch it in HD.
Anyway a few thoughts on the video.
1- The textures look much better. specially the chain where you will notice that in the target video it looks like it was made by an amateur but in the final version it looks more detailed and professional.
2- Kitty dragon looks much better (obviously). But the eyes are completely different. In the new version you will notice that it's eyes are more watery. Cuteness level overdose anyone ;)
3- The Boy, on the other hand, I really wish they made him a little more detailed than this. If you compare the level of detail on the soldiers to the level of detail on the boy, you would feel like they are vastly different. As if they are from 2 separate games. One problem I had with SoTC is that I didn't notice wander skin has changed until the very end of the game. So for me I think the Ico team needs to really flesh out their main characters like they do for the rest of the objects in the game.
Anyway these are my thoughts on this comparison. What do you guys think.
P.S. My favorite game of all time is SoTC so I'm really looking forward to this game when its released.