Ryu, I think it is a combination of both. The model is not very detailed and could easily be done on the PS2, GCN, and the Xbox. The gun and the background raise suspicion though.
Does anyone else remember that screenshot from EA that had:
- A realtime shot of a car
- A photo-realistic explosion
- Pre-rendered bystanders running away from the scene
- And fake jaggies to try and make it look real
If I find it I will post it later.
BTW, I agree with Ryu. When it comes to GameCube wait until GDC(hopefully) and/or E3.