Man, that blew my mind when I first saw the concept back in MGS4 - as the cutscene comes to an end, the HUD fades in and you're given instant control with no noticeable "cut". 
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Foxtrot94
Nowadays a lot of games render their cutscenes in real time. Pretty much every game, in fact. Even DMC4 10 years ago didn't use prerendered cutscenes, I really doubt they'll go back to it now. Especially with how much they're emphasizing that the whole trailer is directly rendered in engine and in real time.
Foxtrot94
What you mean is the transition between the cutscenes and the actual gameplay being smooth and not a clear cut. That's another thing altogether and doesn't have to do with real time or prerendered. Prerendered cutscenes are the ones from DMC3 for example, where they're made with the game's own engine, but the machine it's running on is not computing the graphics in real time like it's doing when you're playing.
Foxtrot94
Think of it like the difference there is between a live stream and a YouTube video. The live stream is happening right now, whereas the video isn't.
Foxtrot94
So of course you can't have that kind of transition with prerendered cutscenes but real time rendered ones don't make it a given either. The absence of cuts between cinematics and gameplay depends on how they write their scripts (term used in the programming sense, not narrative) that handle the transition rather than whether or not those cinematics are prerendered.