Forget the jaggies, they say nothing to me other than "We couldn't find any hi-res shots to give you so we've blown a few of the smaller pics up" - They are no more an indicator of Motor Storms current tech than they are an indicator of the PS3's inability to anti-alias.
I think you can fairly easily see gameplay footage, theres about 10-15 seconds total where the camera is fixed at the "3/4's and above a bit" typical position for an arcade racer, and that footage is sweet-as-honey enough without dreaming that every second is realtime.
In fact forget the graphics altogether, This game looks like Burnout and the Paris Dakar Rally had a child and named him Mad Max to me, Mud, Buggies, Bikes, Quads, more mud, crashes, jumps, more mud, more crashes and a whole hell of a package of fun gameplay.
I don't want to anticipate this, seems too good to be true for my gaming tastes and certainly too far away for such anticipation to be anything other than painful.