I think he means full cinematic rendering in terms of outputting 128 bits all the way to the framebuffer. This isn't necessary a real-time mode, as long as it does it faster than the current hardware they are using for cinematic rendering now, it will be useful.
http://www.pcrave.com/news/week.htm?id=1751#1751
"John Carmack quote in it's entirety: Nvidia is the first of the consumer graphics companies to firmly understand what is going to be happening with the convergence of consumer realtime and professional offline rendering. The architectural decision in the
NV30 to allow full floating point precision all the way to the framebuffer and texture fetch, instead of just in internal paths, is a good example of far sighted planning. It has been obvious to me for some time how things are going to come together, but Nvidia has made moves on both the technical and company strategic fronts that are going to accelerate my timetable over my original estimations."