I don't know... We live in the photoshop era, probably only the moustache is real. :-x
I can assure you, the facial hair is all real. It is usually a lot more of it.
Good to see more behind the scene stuff. I guess there are a lot more people involved in the games we love than we think so.
Well, since Victoria II was mentioned here, I'll link to those credits:
http://www.mobygames.com/game/windows/victoria-ii/credits
This list is accurate. The people down halfway, until Lead Tester are the ones that have actually created something for the game and worked in the studio. Below are freelancers, PR, financial and marketing. Also crucial people that you may not think about as a player.
Since Victoria II we've hired a lot of people though. We have two entire QA teams for example. One PDS that just tests our games and one PI that tests all the games Paradox Interactive is a publisher for as well.