No, it is definitely real-time, (as my post yesterday might hint) I had one of their devs explicitly
confirm to me yesterday that it is running in real time, on a single PS4 and not pre-recorded.
Beginning with Uncharted 4, all Naughty Dog games will feature completely in engine, real time, 3D cutscenes (if they even stay cutscenes anymore), a huge performance departure from what they used to ship.
So I then asked Richard about it and whether he could spot any signs that the trailer was real time, which he did in his updated post:
We've studied the video in a little more depth and have concluded that it's definitely running at native 1080p resolution (as opposed to being rendered at a very high resolution, then scaled down - a process known as super-sampling). Small clipping anomalies, a touch of specular aliasing on Nate's shirt as he sits up, along with some shadow aliasing on his forehead also suggest a real-time render. On the face of it, we're still looking at some pretty incredible anti-aliasing here for a real-time technique on a game running at 60fps, particularly when it comes to the perfect, artefact-free rendering of Nate's hair - but the combination of the low contrast setting, slow camera movement, motion blur and depth of field would work well generally in making aliasing much less of an issue.
But wow, what an incredible achievement coming less than a year into the PS4's life.
And at 60fps no less.