It's nice isnt it. It looks to me like its just a simple Blinn or Phong like shader, with most of the colouring work being done by the lighting. I imagine that the model itself uses a displacement map, which is always a pain, so if I go down this route - and if I get a good enough base mesh - and if I get a good enough sculpt - getting a render this good will be v hard. Be a good experiment for me though I think.