How many hundreds of thousands of dollars and years of development are spent making those PS3 games that you are comparing this to?
I have seen worse work come out of every rendering engine available today, and in my opinion what these guys have shown of Twinmotion 2 is above average. Top tier for stills? Not really, but that doesn't mean that the engine is not capable of that level of quality when in the hands of the right artists.
Either way, it is still to be seen if TM2 can live up to it's "rendering killer" moniker, and from what they have shown over the past few weeks does spark the idea that it possibly could.