as much as i would hate to say it considering how much this will stirr you guys up, its a good possibility that everything you guys have seen about ps3 is infact real time. the ps3 is using a graphic chip manufactured and fabricated by nvidia, which is more powerful than the newest video card, the 7800gt. not to mention that sony and ibm has been designing and building cell technology for quite some time. just because the graphics are insanely good, it dosnt mean that its not realtime. just for arguement's sake, take a look at some of nvidia's real time demos at their site (link is in my sig in my post below). also, you cant just look at the specs of a console at a glance then determine which will be more powerful. if you know anything about computer components then you should know what im talking about, and for those of you that dont know what im talking about, best example is a 2.2ghz athlon processor and a 3.4ghz pentium processor. yeah, the pentium looks to be faster but its really not because its north bridge technology isnt as well designed as the athlon's. same thing goes with video cards/chips or whatever you want to call them. every chipset is different and its hard to compare them unless you actually look into it in depth. just because someone says that "that one ff7 or killzone2 tech demo looks too good, thus it must be cgi" dosnt mean it is. keep that in mind when your looking at something entirely new. not saying though that some of the trailers arent cgi, just stay openminded.
edit: sofar theres only been one trailer ive seen that dosnt look realtime, armored core 4, which belongs to x360. the line between cgi and realtime is beginning to fade...