I saw this at 1up and thought it was interesting...
I remember being wowed at that trailer, seeing all the bits fall off a car as it crashed and tumbled. Anyway, the MotorStorm lead designer has revealed that the trailer was completely rendered by another studio that specialises in that stuff called Real Time, and that they didn't even know the specs of the PS3 until Sony announced it at e3, just shortly before the MotorStorm trailer was first shown.
I found the comment that Phil Harrison said to the MotoStorm developers was pretty harsh though. "You guys are the worst in the world...." !
I wouldn't be surprised if the initial Killzone 2 trailer was completely rendered as well, although they seem to be matching up or even surpassing the visual details of that in the real game.