ppl got confused with what ND mean by pre record video to mask load time, its not to mask the loading between level or stages. This was what they said
http://ps3.psu.com/PSU-talks-Uncharted-with-Naughty-Dog-Co-Vice-President--a0001851-p2.php
"The only reason we did this was to eliminate any loading time before or after a movie and make our memory management easier."
basically, if they do everything in real time, then they will have to clear some of the data in the memory and load the mew data that are needed for the cut scene, then delete the data they loaded for the cut scene after the cut scene is over and load back what ever thats need for the levels to continue the game. So there will be a much longer loading screen before cutscene, and loading screen after a cutscene, kind of like MGS4. They way they do it is reserved a tiny bit of ram for the video playback and play it instantly most of the time, if I remember correctly that is what they say in their PDF file. Honestly who cares if they get the job done and its also all about design choices, they want to game to load fast and they did it.
and they use the same character models in for Uncharted games in cut scene and gameplay, just slightly higher quality lighting and shadow.
http://www.gamezine.co.uk/news/game-types/action-adventure/naughty-dog-uncharted-2-teaser-real-time-$1252556.htm
"Richard: Thanks! Nope, the in game models are the exact same models that are used in the cutscenes. They also use the exact same textures. There really is no difference between them at all.
The only difference between the cutscenes and in game is a little higher quality lighting and shadowing. Hopefully not too noticeably different. We really wanted to keep the players immersed as much as possible. This meant using the same assets across the board."
Im pretty sure Epic did the same for gears 1, some of the rendering looks totally different in the cut scenes, like the ending thats recorded in bink video looks like it has ambient occlusion which is not present in Gears1. by the way the Uncharted 2 looks, I think they added ambient occlusion also.