Uncharted 2 is also going on three years old at this point. I am not saying Uncharted 2 looks comparable, only that I could see this being a "Yeah, look at what we managed to squeeze out of the PS3 in the 11th hour" sort of game.
Especially given that it sounds very similar to Uncharted in that it will be heavily heavily scripted to the point where you won't be able to tell when an uncontrollable cinematic begins or ends. If you've ever read the development blog from the guys who helped make Crash Bandicoot, they talk about the rendering tricks they could pull off with fixed camera angles and whatnot, allowing them to cull polygons in extremely efficient ways.
Which is my roundabout way of reinforcing me saying "Yeah, I'd believe a developer with 6 or 7 years of experience developing software for a platform could manage to program to the metal in just the right way to pull this off on current-gen hardware". Evolution, not revolution.
I'm sure that if you really sat me down and told me about all of the bokeh depth of field and surface scattering skin shaders I'd understand that it couldn't, but I'm talking purely at face value here.