If anything, I thought Soul Calibur IV's renders showed me what a "next gen" version of the characters might look like.To be fair, SCIII was coming off of the most successful game in the series, and was able to afford all of that wonderful excess. Things likely changed when it underperformed.
That said, those models show that there is still a lot of room for improvement for the in game models without sacrificing any sort of visual identity.
*drool*