Oh come on, it does tear... it is not horrible tearing, but if you play around with the camera and really look for it you will find it... there's a nice game about guessing the rendering time based on where on screen the tearing occurs (it is related to how much extra time it takes the game to render over 1/30th of a second [I am simplifying things... Uncharted is a 30 fps game and I assume they never need a full 1/30th of a second or more of extra time over the normal frame time]), but I'll leave that to the pro's
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There are many other.. hey look at the rendering engine going at it... moments again if you do not have anything better to do
that is...
For example, during the game (think about almost any area towards the beginning... even some very wide open views) if you spin the camera around the character and just keep it spinning the background will become all blurred while only Nathan will be kept in focus by the engine: it is a very nice effect imho. Well, after chapter 8 more or less there are sections in which doing the "spin the camera FAST" trick will not produce that result (background blurred and Nate in focus)...
or shooting at some leaves and branches will leave alpha blended bullet holes in the air.
The engine Naughty Dog has delivered for the PS3 (and all the tools and libraries and code samples they have produced while learning how to push PS3 properly) are VERY impressive (VERY VERY impressive if you consider that they had to basically throw away their GOAL oriented development out of the window and start from scratch with PS3), but all engines break down under a certain set of weird and difficult to test circumstances.