Looking good!

Your vector render looks allot better, though it's a bit blurry. Oh, and by the way. Theres nothing wrong with the UV map method, and it actually looks allot clearer, and you can change the color, even apply a Ramp node to it. Plus you could add a bump or displacement map to it. That would create the illusion that the Wire frame was built on top of the mesh.

Anyway, you should really decide weather your project is going to be Hi or Low res before you even start. I know planing may seem like a waste of time, when all you want to do is get modeling, but it can really pay of. Plus it's good to learn Project organization, and process. It will help in your future if you decide to take up 3D as a career. God knows employers are looking for Organized, efficient, artists that can get mind blowing results in minimum time.

Also, that image you posted of the character someone had made, there "Lo-Res" didn't seem really "Lo-Res." There were a ton of Extra Geo in the face that, if gone, you wouldn't notice the difference........ maybe I'm just being picky, and overly Critical.

Anyway, If i was doing what you are doing i would probably build 2 Models, 1 Hi-Res the other Low, as this would lend you better results, as you have far greater control over both of your meshes, But this could be time consuming. So if you decide to Model only one model and use it for both the Hi and Low res models, start with the Low, and model it as you want the final result to be. So that it's ready to go into the game. Then use that and build up detail to create the Hi-Res. This method is allot easier than building the Hi-Res and then trying to De-Res it.

Anyway, nice work so far. Keep at it, and you'll have a portfolio piece in no time!

Have fun!