I think it's more of a realtime cut-scene, it's loaded with polygon edges...
It's one of these two options:
1) the screens with AA (and lots of it!) are bullshots. The jaggied one is realtime.
2) the screens with AA (and lots of it!) are CGI with realtime assets - meaning the polygon edges are still there, but the IQ is vastly improved, and constant framerate is guaranteed as it's a video. The jaggied one is realtime.
3) the screens with AA (and lots of it!) are "realtime cutscenes", with AA applied. They could still be bullshots seen just how smooth those pics are.
4) the screens with AA (and lots of it!) are "realtime cutscenes", with LOTS of AA applied, in realtime.
Till someone gets the game, we won't know. From the shots themselves, they aren't in-game as they look like they're from a non-playable scene. We just won't know whether it's CGI or realtime until the game comes out here and people go through it.
Then again... Does it really matter?