I would say that is in-engine mocked up to be "in-game" as the HUD goes all the way to the edge of the image, a big no-no when TVs often cutoff a bit on the edge.
The face close-ups (Shadow's post) are undeniably CG. MGS4 has noticable polygons/intersections/low-res textures, and I think Kojima productions is a bit better at actual game graphics than Squenix.
Lost Planet (demo on XBL on Tuesday, these shots are from that demo which was accidentally up for a bit today):



Coming from Capcom in 2007. The motion blur kicks arse.
New Gears of War pic:

Boots are abit big...