I couldn't imagine Res Evil 4 without the cut scenes, they play such a big role in explaining the story, not just the playable scenese either. In fact I don't think any RE games would be as good if not for the cut scenes. I like the first cut scene in RE5, where the guy has the bull horn, shouting, big crowd gathering, then you get spotted and that crowd is coming for you now, and big zombs with hammers, and the action actually unfolds into real gameplay, no slacking, not in any RE game I've played. I mean consider RE games properly - they aren't addictive, they aren't a great deal of fun to play, the driving force is real challenge. RE games are stressful, you have to be in the right mood to play them, and maybe those cut scenes are vital in letting the player know they are on track, otherwise people might not play RE games at all!. The mindset that makes me want to play RE games, makes me accept the cut scenes and pay attention, understand the plot, and play the game as if it was important.
RE4 is my all time favorite game, aspects of it remind me of Half Life 1+2, the stress in playing it (dealing with stat guns in bunkers for instance) - these are daunting games, they need really strong plots, and an effective way of revealing the plot to the player.
Some games take the piss though - when the cut scene is boring, too long, or irrelevant it just annoys, like an advert break 5 minutes into your favorite TV show. Inherently bad cut scene karma puts me off buying some games - like Final Fantasy, or Metal Gear - I just won't buy these games because I prefer to play games, not watch them. I guess the most annoying cut scenes are the irrelevant ones - I mean any cut scene should achieve more than just showing some plot, it should give the player a hint as to what to do next - it's too common just to prerender a cut scene when the plot get's too big for the game, show an epic battle in a cut scene then resume play with absolutely nothing going on. Even with games with high quality engines that can deal with pretty much anything use this, Gears of War... damn I hate the cut scenes in that, wow epic battle then once everything is dead, everyones had a hug, and the game can get back to normal, with the player looking for the obligatory convenience weapon before the grind fest starts again. When the cut scenes are playable, well it's more like just a cut scene that you can look around and shoot swarms of pointless enemies. Gah - anyway cut scenes are good when they explain plot details or give gameplay hints. Cut scenes are bad when they are used in-place of gameplay.