Looks like professional studio photos, rather than just some snaps they took themselves. So if they were taken at a professional studio, at the very least a few days if not a week ago. So indeed likely to be a mock up.

... it was a low priority
... they sent it to a studio to have it done right
... they bought a lightbox as they didn't like the quality of existing photos which will be more important as they get closer to retail
... they were waiting on the cable harnesses which will be used in production from the OEM
... they had some unreported issues they wanted resolved before taking photos

I don't know take your pick.

Having chips in hand would be a pretty massive deal.  I am pretty sure KNC isn't going to keep that a secret.  Why would they?
They want unsure customers on the edge to cancel orders?  
They are hoping Nov orders will slow down because they just have too much revenue?  
They want FUDers to drive sales to competitors by questioning the lack of chips?
They want to take more time out of their carefree days to answer emails about "when will the chips arrived"?

A better question might be "What could a PI do for a knc miner"?
What would be the reason?

It's likely a simple mockup to show the straightaway to the finish line. It's not like there's a ritual involved in sitting heatsinks/fans on top of a PCB. You sit them on top. Done. At worst, take 1 minute to screw them in place.

I've taken photos which look like that. I'm not a professional picture studio. I'm sure they're capable of wielding a 15mp camera.

As to why they might hold back on news of having chips/installing them? Underpromise overdeliver

My theory is this: They won't announce anything. They'll simply start providing tracking numbers to customers. Let the customers spread the word like fire to a pinetree farm. That'll be the best announcement which could ever be made.

Paul Revere's ride would hold nothing compared to KNC customers screaming they have tracking numbers.

Okay, I was giving you the benefit of the doubt -  but it's now obvious that you really are clueless. I'm done with this "conversation"

whatever....   again..  Forgive me, but using a Pi on a KNC seems a huge waste of time, resources, and equipment you already paid for, and for no advantage since the embedded so-dimm Linux module already has everything you need, and more. I don't mind at all u think I'm "Clueless"... I was thinking same of you. Fair enough...

Alright guys, some of you have a lot more knowledge then me in the PSU area, so if you could help me out here, I'd appreciate it.
I have a Saturn on order, which I plan to upgrade to Jupiter once they start offering the modules separately. The PSU that I have picked out seems like a perfect fit to me, and at a fairly good price. If you guys could look it over and let me know, that would be great. And if it is a good one, it could turn out to be a good deal for everyone.

http://www.newegg.com/Product/Product.aspx?Item=N82E16817139011

Should be the minimum acceptable wattage for a power supply.  I'd recommend going with something around 1kw... They are much more efficient at 50 % load versus 80 - 90 % load.

I thought they planned on putting a usb port on this thing?  or am i just blind and not seeing it?

It's stand alone. USB would be pointless. Provide power and an internet feed, that's all it needs.