Man, this place makes it really tough to be objective.
Anyway, when GR3 and PGR3 were first shown MANY people claimed that it was CG, and then we get ridiculous things like Killzone and Motor Sport and that's realtime? Come on...
And there's another thing, going by launch dates, PS3 is 6 months behind X360, that should mean that they're 6 months behind in terms of dev kits as well. So X360 devs are still working with Alpha kits, and PS3 devs should be working with what? From what I know (told to me by people like Bing Gordon) early dev kits are really just emulators, and continually migrate to hardware as it becomes available. And from history, Sony hasn't been very good with their dev kits. All of this leads me to believe that almost all the footage, and ALL of the really stunning footage was pre-rendered. Now it might be in-engine, but running at non-realtime speeds, like GT4's photomode. And thus it becomes a matter of whether or not the final hardware can achieve the expected values, and considering the expected results, I'm highly skeptical we'll see them.