In an interview with Computerandvideogames.com, Hideo Kojima talked a little about the Fox Engine. He explained that the screenshot of the meeting room released earlier (see the picture below) was indeed running on current generation hardware, and that the engine uses tricks to make it look better. Due to those tricks it would also be possible for environments to look like that, even with characters in them and in motion.
The Fox Engine demo: the left side is real, the right side computer graphics.
He also said that the next sample the studio will be showing of the Fox Engine will be more concrete.
One thing that I can say is that Project Ogre is evolving alongside the Fox Engine. The Fox Engine is at the point now where it is pretty much ready to start making a game, so rather than releasing a sample image of, say, our meeting room, what will be the next sample you see from Fox Engine will be something from Project Ogre.
Because it was already confirmed that we would get a new Fox Engine demo on the 25th Anniversary of the Metal Gear series, in July, it’s safe to assume this demonstration is one and the same thing. Meaning, next month Project Ogre will be shown. Funny thing is that Kojima said in that interview it wouldn’t be Project Ogre, but apparently that has changed. In any case, we will find out next month.
Additionally, Kojima noted the engine is about ready for use, and he made clear it’s not just a graphics engine but a powerful toolset that allows the studio to develop games more efficiently.
For the whole (interesting) interview, head to CVG.