footage was real time footage of the game being played by the staff
The Iwata Asks column was focused on Monster Hunter 3G, which Fujioka is directing. However, towards the end, Nintendo CEO Satoru Iwata asked a few questions about MH4.
Regarding the September video, Iwata noted that many were wondering how Capcom would be able to make the scenes shown in the video playable. While Fujioka did not share any gameplay specifics about 4, he replied that the footage was real time footage of the game being played by the staff
Source