I don't understand the assertion that modern games don't attempt photorealism. Lots of them do, and one of the many techniques they use is capturing humanoid face/skin textures with photography, and also video-capturing humanoid and animal motion. Most games contain lots of models that do not correspond to any real object on Earth, though. You can't photograph what doesn't exist, and you can't then make models from nonexistent photographs. The perceived realism of, say, a dragon is universally dependent on the skill of the artists involved (and often negatively affected by technical limitations and optimization requirements). Then, breaking photos up to map them onto 3D models is challenging to do well.
Also a lot of people prefer an anime or fantasy styled world to a strictly photorealistic one. Real women are airbrushed to greater perfection in magazines all the time, and game art may aim to do this to the whole game world.
Do you mean using video capture as 'reference footage' for motion capture or something else? Also when it comes to photographing objects that don't exist in the real world, what are your thoughts on something like claymation? Does the game industry still use this technique? If you ever played the first Mortal Kombat, the character Goro was developed using this technique and made it look pretty realistic. http://www.joystiq.com/2009/06/22/mortal-kombats-goro-actual-size/
@Hodgman, thanks for the thorough insight. In regards to the problem of the T-pose example, what if instead you took different photos of the person? As an example one with the subject facing the sun or light and the other with palms facing away. I don't know if this has been tried before but even it has, is there any hardware and game engine that could handle fluid unoticeable switching between said 'light and shadow maps' (sorry, I'm not shure of technical terms yet) based on the orietation of the the games 'camera' and how the player sees the game objects? I'm sure this would be a lot of work though. No argument there.
Also, I'm probably just misunderstanding, but what is the purpose of using all white walls as opposed to a traditional green or blue walls? And what kind of lights are actually used light the room? Aside from what you've explained to me though, why is it that as realistic as games are starting to look today (such evidenced by that in-engine render of the face you posted), that even realtime gameplay is still discernable to the naked eye between simulated and real-world (such as the game Ryse)? Graphically speaking of course. I imagine it has to to with the lighting and ray tracing, and correct me if I'm wrong here. Whatever the reason, realtime graphics have not been perfected when it comes to gameplay as of yet. At least in my eyes, as others may see things differently.
All of you have been very helpful though. Thanks again.