Close enough, but the PS3 is substantially less powerful than the PS4

I think about what would have been possible for Naughty Dog now though. Look at this CGI Blizzard came up with for WC3 - nearly a decade ago:

https://www.youtube.com/watch?v=XCkubpGP98g

The PS4 is reasonably powerful, ND's in-engine scenes will look great. And I do accept the argument that from some that jumping to something that looks markedly better than in-game can be distracting. But I still like to watch those awesome CGI scenes

Pre-rendered cutscene's biggest draw back is that they cannot change it. Imagine when you beat the game and unlock all the character outfits, you can swap out to have Donut Drake through the second play through.

When the in-game graphics are good enough, real time cutscenes are always better.

I prefer this, but it's possible they don't have much of a choice, lol. I wouldn't be surprised if a big part of this decision was just for the sake of disc space.

will have pros and cons

pros is making the whole game runs in better experience...
cons is that we can't skip them...

That's a shame. I like to see where graphics can go a generation from now during cut scenes. Plus pre-rendered gives the freedom to go all out instead of staying within the confines of number of characters and details on screen. Above all they hide the loading times. I found the in engine cut scenes in Witcher 3 a lot more immersion breaking with all the loading pauses.
I guess it's a limitation of going digital. Games have to stick to a size limit again instead of insert disc 2.

It's not like they went all out in the cut scenes in previous games anyway, yet no visible loading times were nice. The last great pre-rendered cut scenes were in Ratchet & Clank and Ni No Kuni. Stuff that draws your attention instead of having your finger hovering over the skip button.

What can't you skip them? Just because they are real time doesn't mean they can't be made skippable. This is Naughty Dog, they do skippable cutscenes in everything, they know second playthrough is less about the story and more about finishing the trophies, get through the hardest difficulty setting etc, cutscenes get in the way of doing those things quickly.

Old news. Was confirmed in 2014 E3. Cutscenes will be real time.

What does power have to do with pre-rendered cutscenes? :p Regardless, we were never going to get Blizzard-esk CGI in UC. At best we might have gotten more in-game based pre-rendered stuff like in TLOU (and i wouldn't be entirely against that, it worked fine there), but i think what they're doing in UC4 is much more engaging, and more beneficial to the gameplay. I suppose it's rather subjective though. There are plenty of arguments in favor of both methods.

I don't see much of a point to them anymore. Even last gen I prefered in-game over pre-rendered just for the seamlessness of it, and now things already look that crazy good.