By "the footage they showed", I meant the demo (which was released for public consumption in early 2009, but they showed gameplay/trailers from it in late 2008). And having an hour done of a game that takes, what, 30-50 hours to completed a year before its release is exactly what I was talking about. They had very little of the game's content actually done (they might've had plans, concept art, script etc. but very little of it had actually been modelled, textured, voice acted, animated etc. for the game).
The state of the CGI stuff has no bearing to anything. A whole separate team does those in their own schedule. They've had tons pre-rendered cutscenes done for Versus as well (some of which are clearly not from the beginning of the game).
The demo is like the finished product because it HAD to be. They didn't develop content for the game before they had the tools ready, and that didn't happen until 2008. And even AFTER they had figured out the problems with the Crystal Tools, it took them a while to find a direction for the game. If I don't remember completely wrong, they did once say that before they finished the demo in late 2008, they were still kind of lost with the game and once they had finished the demo, they kind of got a grasp of what they were doing with the game. Too bad they only had about a year after that to finish it, so that lead to a lot of compromises during development (one being the infamous HD towns are hard).