The company logos and opening cinematic play both video and audio, but once you start the game and transition from a playable section to a cinematic there is no audio. This makes me think it's a memory issue. The alternative is that they use a different audio codec for in-game cinematics.
This is running CrossOver Games 8.0 in Mac OS X 10.6. When I ran the game in 7.2.2 with 10.5 I got sound but no video (a white box with an x was displayed instead).
I don't think the cinematics are hiding a load since the Loading screen seems to last just as long whether you watch the cinematic or hit Return to skip it.