There are four quite different looking versions of the Fallen. The one above plus these three:
[url=https://pbs.twimg.com/media/BDF9J4sCUAAhlIE.jpg]Fallen 2[/url]
[url=http://www.blogcdn.com/www.joystiq.com/media/2013/02/destinyback.jpg]Fallen 3[/url]
[url=http://www.bungie.net/pubassets/615/dark_patrol_desktop.jpg]Fallen 4[/url]
[quote]the first version looks WWII-soviet-gritty, the second like steam punk aliens, the third like space ninjas and the fourth like fantasy creatures. Yes, they all look very similar, but imo the style in the various pictures is very different.[/quote]
Are these just different stages in the character creation process or are there really four (or more) versions of the Fallen in the game?
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As others have said it would seem these are all either concept art that has been developed or different "Ranks" for the fallen. The Fallen 3 image is probably the closest we have to a final design since those are the ones displayed on the Destiny posters throughout various game stores.