Seems unlikely. Possibly an in-engine produced cinematic. But there's nothing in there that's impossible to make into gameplay.

Bioshock was a great game. And my last name is prominently one of the first things you see when you first view the city in that panoramic shot as you move over the rocks obscuring it. The game itself was great.

THAT BEING SAID I was very bitter that my perception of how awesome I THOUGHT the game was going to be based on the pre-rendered trailer was not at all what the game turned out to be. I was expecting a really atmospheric survival horror, but it turned into a level-up-by-camera shooter with other RPG elements, and it controls like a bethesda game - call of cthulhu DCOTE, fallout 3 (non-VATS), etc...

Great game, but different from what I expected initially, so I was disappointed and pretty down on Bioshock from the getgo. Only being an amazing game saved it from my determination to be disappointed by it. And it overcame that determination bigtime.

This game will probably be great, but something you only play once.