Well, technically, the cutscene footage is pre-rendered, so those aren't real time graphics we're seeing.
The second video does show a pretty good idea of what the graphics look like, and it's like I said, it really looks like high end PS2 graphics + bump maps, which, I think is good enough.
Can't wait to pick it up on Tuesday.

I'm pretty sure that, aside from a couple of the main cinematics, the story-mode cut-scenes use in game graphics.

They used PS3 quality graphics in cutscenes and quickly shifted to Vita graphics, it's quite noticeable.

I really want to get this, but I'm probably gonna get a new monitor for my PC (Using my brother's PC right now). Old monitor died.

Nope, not even in the console versions. All the cutscenes are pre-rendered. There were only a handful of really short cutscenes that weren't pre-rendered in the story mode in the console version. But the vast majority of them were. It's pretty obvious if you play it in 1080p, because all the cutscenes are rendered in 720p, so they look just a little bit pixelated. And I'd guess it's the same thing for the Vita version (the pre-rendering).
Sorry, but the way the console version of MK9 looks, there is just no way to do those kinds of graphics on the Vita. Even Uncharted doesn't quite stack up to it, and Uncharted is as top of the line as Vita gets right now.