Not sure. Looking at the new BIA trailer (the full one) which is obviously in game footage, and you see things like the guy getting shot then catching him in your arms, then there is the scene with the tank rolling over the jeep. It all is fairly seemless with the gameplay. Now it may not be actuall gameplay, they may be triggered events that is rendered on the fly from a predetermined camera angle and whatnot, but its so seemless that it does not appear prerendered. COD3 appears to have similar graphics as BIA so who knows it could be actual game footage.
Anyway, I think its too early to jump to conclusions for either game. While they both look great they could be prerendered concept videos showing how they would like the game to look, or actual game footage with super nice models and textures which look great in these trailers but which the console might struggle with on levels where there is a lot more going on. If either is true, the end product could differ significantly as they tweak things and find the sweet spot between graphics and performance.