A few points on why AH2 is not close to completion:
If you look at the screenshot HiTech posted you'll notice that the although the exterior texture of the Pony was new and in hi-res, the interior texture was the old. The Pony was also the same 3d-model we got now. I think HTC will have new hi-res textures for everything in the game, and if the new screenshot is of an old Pony in a new semi-complete "hide", I think AH2 is not excactly around the corner. Looks like they are making real progress though, and I bet the FM changes got priority over eyecandy anyhow.