Slimebeast:
Your analysis is flawed: you've taken pictures from several different sources. The one you declared to look almost CGI-like is not direct feed, but off-screen. Off-screen shots often get a boost in image quality that direct feed ones don't, hence the CGI-appearance. If you watch the actual video footage, that scene doesn't look any better than the others.
You've also mixed in a screen-grab from the video with press-released shots (the latter of which will be down-sampled as all PR shots are, which reduces aliasing, and so indeed don't accurately represent gameplay graphics - although, strangely enough, you declared two of these 'bullshots' to be in game, but the lower-quality screen grab to be a cut scene).
If you've played SotC, the cutscenes looks identical to gameplay. If I remember correctly, after each cutscene, the camera would move behind Wanda and the game would start without a pause (ala certain parts in MGS4), meaning cutscenes are rendered in-game. There's no reason to suppose they'd do anything differently with The Last Guardian.
Is the video indicative of actual gameplay graphics? I honestly can't say for sure, but my guess would be 'yes', if only because of Team Ico's history.