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He specifically states there was no projection mapping, and I can see by his WIP and texture maps (which he offers up for scrutiny later in the thread) that this is true.

No, it's not projection mapped per-se, that much is obvious.  However, he does indicate that it's never meant to be viewed from multiple angles.  I'm assuming this is due to specific lighting and shading that's been perfected for this specific angle, because the models and textures aren't dodgy.  Believe me, they'll hold his feet to the coals over there at CGsociety if he used any lowly cheat techniques beyond what is normally considered acceptable for the 3D works there.  Especially now that he has Stahlberg's attention.