The only problem with that idea is; character models created as normal-map sources are usually considerably higher in polys than 192k(more on that figure later). Naughty Dogs, for instance, had posted job listings, which included the task of
“making million poly models game ready”
I can't picture P* creating a hi-poly model to capture normals of wrinkles in the character's leather clothing with just 192k polygons. Let's assume it's possible to do, but with some extremely efficient modeling techniques. Why even burden an artists to pull that off, when they can easily let loose with super detailed models in Maya?
Take a careful at the video again. Let's use
this video as a reference:
Looking at the video, @ 0:15 sec, the model is very dense in polygons, especially 4 guns, and the character's hands! (I imagine the face and hair will use a significant chunck of polys also). The model is shaded in the next scene, but notice;
there's no geometry for wrinkles in the clothing. Wrinkles would have been a prime target for normal mapping. This is likely the in game model we're seeing. Whether they're going to use it for all in-game stuff, or just cut-scenes, is another matter but the normal mapping source models would have been considerably more detailed.
I think there's a correction to be made, however(unless my eyes deceive me). After a very careful observation, it looks to me,
@ 0:19, the model is exactly 131,282 polygons. The second digit could be mistaken for a 2, but I'm certain it's not a 9. If a 190k character model wasn't already pretty low to grab normals from, 130k is almost certainly a waste of time - what decent normals are they hoping to grab from that? 130k is right next to realm of in-game models to begin with.