There is cake: Portal 2

I beleive it is ingame. They have made major overhaul to their engine and some of the new stuff is showcased in CM10.x mod.
 
I believe it is realtime too. The red horizontal beams in one of the shots look crap enough for realtime gfx, but everything else just looks crazy crazy good. Of course, much of it comes from the insane texture and geometry detail level of those models, and the lighting is fabulous, and there's probably uber post-processing going on too.
 
Those shots are very clean, but there is some aliasing in a few places which leads me to believe they may actually be realtime. If so, they've massively improved their lighting model.
 
Due to depth of field I'd say rendered "in game" like Meet the Spy was also rendered "in game".
 
Holy cow they renamed jump pads, now they are amazing!!!

PS I did like portal, but the fun was partially b/c of the sound track and the story. A second installment will likely diminish it in my mind..
 
Currently the retail shops are showing a price of $60 for the Xbox360 version. I imagine that puts the PC version around $50. So ... Does anyone know if the game is only Portal and Portal Co-Op, and won't come in a bundle like The Orange Box with HL2/Ep1/Ep2/TF2/Portal? For me, if it's only Portal single and multi-player, the Xbox360 version won't be worth it until it drops down to $30, and around $25 for the PC version.
 
I'd say all in-game graphics, but maybe pre-canned animations. Since when exactly did Valve start pre-rendering graphics? Never.

Not in a single title of theirs or the accompanying promo material have they used pre-rendered graphics. I don't see the logic in them starting now.
 
The TF2 "Meet The ______" promotional videos weren't exactly indicative of what you see when you play the game.
 
Both the "Meet the ____" and the L4D videos are stored in compressed streaming video format, however I really doubt they were actually offline rendered. They look perfectly compatible with in-game graphics and what we can expect from realtime source engine graphics, just with higher-res buffers for smoother shadows and antialiasing.
 
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