I don't reaaaaallly like the comparisons too much , lack of reference points.

The road also seems lighter on nr 2, easier to spot.
Trees are waaaaay better on pic nr 2.

Also -
mountain textures waaay better.
River still looks odd (could it atleast change slightly in size?) but the river on pic nr 2 is better

Thats what I see without enlarging the pictures.
it seems that it will be much clearer to notice the important things in the new lighting engine though.

Sincerely
~ Kongdej

The most noticeable difference is that in the 2nd screenshot, some people are about to get eaten by a dragon.

I also noticed that the trees conform to the square tiles better, which looks odd, but makes it easier to tell which tiles are forest tiles (in the first shot, there's some questionable tiles).  

First shot has hills, second does not.  First shot does not have mountains, second shot does (I think there actually are mountains in the first shot, so this may be a testament to the new mountain texturing).

Road's clearer in the 2nd shot.

Selection Window is slightly wider in the 2nd shot.  Doesn't seem to actually have anything more in it, though.

2nd shot is missing city info blurbs.  That's bad.

LH's textures and overall feel is really a step in a much nicer art direction!!  I never could really get into the art deco softness that WOM and to a lesser extent FE, it never struck me as fitting the post-apocalyptic world it was depicting.   

Push it further, and maaaybe back off the super saturated colors.

The major thing I notice is that the first picture has much warmer colors then the second. After closer examination the roads and rivers are better in the second picture. Hmm... The mountains look more like mountains, rather then big hills, in the second picture. I also miss the little plants on the soil in the second picture.
Edit: The shadows on the units look amazing!

It would be great if the two pictures where of same spot, just rendered the two "engines".

So:
+ Rivers
+ Roads
+ Mountains
+ Shadows

- No grass
- Bleaker

So to be honest, the warmth of the picture is really important to me. I like the old 32-bit style (Or whatever the super nintendo was). So I like the FE version better.

P.S. I liked the older versions of the forest better on lower end PC's. (The new forest was better on a "high end" PC.)
P.P.S I made a small inclusion.

That's what I loved about FE graphics. It's like looking through a stained glass window into another world!

While looking at only one image of each it's difficult to say, but from the two shots, I like the old graphic better. (not to say that the new graphic is bad..cause it isn't...)

The first shot looks like a painting.  The second shot looks like a game.

And IMHO, that alone makes the 2nd pic far superior.  I was a fan of the washed-out style of WoM/FE, but as a game we're better served by the crisper graphics and cleaner lines in the second pic. 

I cannot tell you how excited I am to never again move my champion onto a tile I thought was a plain only to have it turn out to be secretly a river or forest which stops his movement and the nearby Dragon I thought I could sneak by promptly eats him.  I make enough boneheaded moves thank you very much; I don't need any help from the game.

The new grpahics look great, btw!

IMO, it looks like you guys might have went a bit overboard with sharpening filters...

Certainly on some things (that deserves focus like units/buildings), it does look better. But on other things, like trees and ground, it doesn't seem that great (and I'm not sure they deserve the detail). I much prefer the blurry lush green trees of FE to the super sharp forest of LH especially when it's right next to the fallen trees. The two just looks strangely out of place. I think the mountains also fall into this category as well (although the textures are certainly better)... there's no need to see every ridge line... it just seems out of place from the rest of the landscape. Also, on the topic of the mountains... maybe the blending at the base deserves a bit more work... everything near the mountains is looking really brown and you may recall what many people say about that in WOM.

The lack of any ground covering also makes the ground looks ... well... really empty. I understand the need for performance, but maybe this needs to be an optional thing for those who can handle it. On larger map with sparce resources... it's going to look very bland.

The rivers definitely looks better without the ridges... but no more river head? Not so sure about that.

My personal wish: I just wish the map wasn't so... flat. A bit more realistic topology would make things look a lot better. For example, hills should be... hills (areas where the terrain height differs/changes), not just some bumps on the map (seems like something from decades ago)... etc. I'm a bit surprised that you guys haven't done it with such a powerful terrain deformation system already in place.

I had to turn off all special effects in fallen enchantress because game was too blurred for me and caused excessive strain on eyes. Now it looks like with LH there wont be problem anymore

Overall it looks better because its much clearer.

And steam tanks... can never go wrong with some steam-punk.
(Or "Steam-Punkers"... )

~ Kongdej

You know, I always loved the idea of an ancient race of robots who were created by some ancient civilization now long destroyed, but the few immortal robots linger on.  Old JRPG games like 7th Saga and Shinning Force had some really cool examples.  Then I think I hated the idea after the D&D Eberon campaign setting, looked stupid then.  But then again, there are many things that one brand of fiction does that I think is really cool, then I see the D&D version and think...lame.  Shadowrun vs d20 Urban Arcana is one too...Shadowrun version = awesome, d20 version = lame.