http://forum.beyond3d.com/showpost.php?p=1854335&postcount=265
"No, it is definitely real-time, (as my post yesterday might hint) I had one of their devs explicitly confirm to me yesterday that it is running in real time, on a single PS4 and not pre-recorded.
Beginning with Uncharted 4, all Naughty Dog games will feature completely in engine, real time, 3D cutscenes (if they even stay cutscenes anymore), a huge performance departure from what they used to ship."
http://www.eurogamer.net/articles/digitalfoundry-2014-watch-uncharted-4-and-the-last-of-us-at-60-fps
"We've studied the video in a little more depth and have concluded that it's definitely running at native 1080p resolution (as opposed to being rendered at a very high resolution, then scaled down - a process known as super-sampling). Small clipping anomalies, a touch of specular aliasing on Nate's shirt as he sits up, along with some shadow aliasing on his forehead also suggest a real-time render. On the face of it, we're still looking at some pretty incredible anti-aliasing here for a real-time technique on a game running at 60fps, particularly when it comes to the perfect, artefact-free rendering of Nate's hair - but the combination of the low contrast setting, slow camera movement, motion blur and depth of field would work well generally in making aliasing much less of an issue."
http://www.naughtydog.com/site/post/uncharted_4_a_thiefs_end_2014_e3_trailer/
"All footage you see in the trailer was captured completely in engine. That’s Nathan Drake rendered in 1080p full glory using the power of our PS4 engine. All footage you see in the trailer was captured completely in engine. We’re targeting 60fps for Uncharted 4: A Thief’s End and as you can see the visual fidelity for our character models will reach new heights. In fact, thanks to the power of the PS4, right now Drake’s Uncharted 4 model is over double the polygons of Joel from The Last of Us PS3."
Sorry to bust your bubbles but this can't be spun a different way then what it is.