These have been created this semester in Maya and Photoshop and imported into UDK engine by Year 2 Uclan Games Design students.
See movies below. Natasha Bristoe animated her Dragon and had a physical 3D model printed from the mesh and David Howell was first to have his character running around ingame in UDK and he also produced some tutorials on how to import custom characters.
See David's tutorials here http://www.youtube.com/watch?v=Sdre35NXo4w
Students had a Polygon Budget of 6000 Triangles or less depending on the technical specifications as well as the visual style of the chosen IP.
No textures bigger than 1024x1024 and no more than two textures for a character or vehicle.