For my characters, I have specific armor and weapons that make him look good in the game...
But
when I look on my character's profile, he is still wearing the original
armor he had when I created him. The squares next to the 3D model are
updated, but the model itself does not update.
It should also be noted that consoles only upload character images once after character creation and never update them again. As you appear to be playing on the PS3 it is not possible to update the 3D model you see on this site.