I can definitely see it as a possibility for PC games (since I've done basically just that for the PC version of a game called Guilty Gear XX), but unfortunately, I just don't see it happening for games on consoles such as playstation2, gamecube, xbox, etc.
In general, cut scenes in many video games are being ran in real time. That's the dilema. Things such as fmv's are capable of extraction because they're not being streamed in real time. Instead, fmv's are simply being played back off a single mpeg-2 stream. Rip the mpeg2 stream, and you have your fmv. Unfortunately, in game cut scenes seem to utilize multiple files in order to be viewed.
I'm not an expert or anything of the sort, but if I had to take a guess, the only way you'd be able to literally rip cut scenes out of games is if you could somehow create a program (specific to that game) which can read the various files off of the disk/dvd and use that information to recreate the cut scene on your PC. You would also probably have to intergrate some kind of recording feature within that program to record the cut scene being emulated on your PC, into a single stream.
I'm not saying it's impossible. Hell, for all I know, their may already be a way to do it (even though I doubt it). PS2 emulation isn't even close to being perfected, but if it were to ever to be greatly improved, then I suppose that would be the day when it would finally be possible to rip cut scenes (at least from ps2 games). Even if it wasn't in the traditional sense.
But case in point, I highly doubt in-game cut scenes being ran in real time will ever be able to be ripped into one convenient stream.
Unless you got some inside connections to the team of people in charge of putting those cut scenes together, your one and only best bet is a video capture card. It's not all that bad though. I've managed to get some real good quality through capturing footage.
btw, I stand open for correction with regards to everything I've posted above. And if anything I mentioned seemed rather obvious or redundant, than so be it.
Well, this post went on a lot longer than I had wanted it to. I think I'll end this here.