Apparently the E3 demo for Uncharted 4 was running in real time
http://www.neogaf.com/forum/showthread.php?t=835985
That has to be a lie.
I find that in these situations that the lie is that they are running on stock hardware. I'm not saying that it's this way in this case, but it isn't that uncommon to discover that these demos run on developer PCs before getting optimized for consoles.
In my experience, the smaller the game environments are, the more likely they are to match earlier builds. Open world games tend to require lots of performance optimization for their particular platforms so the end product can vary widely.
Again, I'm not making that claim here. I'm only pointing out that it's possible. I'm not a big fan of Uncharted, but I find the Destiny screen shots to be phenomenal.