Appearances can be deceiving, though. How many games use 3D models and zoomed in model faces and use audio to carry out the lines, but the model's mouths are either out of synch or static? Immersion-breaker right there. On the other hand, there are some moments in videogames which use text to convey situations which are much more solid and evocative than most lines ever said by some voice actor.
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That's becoming less and less of an issue I think.
Take Indigo Prophecy (yes, it is my current "is all" example ) the mouth movements to audio are almost perfect, very immersive.
Looking at Oblivion's movie, it looks like those will be close as well.
I think the time of text gaming is over