RE4's village setpiece is fantastically well designed in the sense that there are practically limitless ways to play it, and it's wholly unscripted but always intense.
It's better than 'famous' Uncharted setpieces like the train, et cetera, in that sense of being massively dynamic. HOWEVER, Uncharted 1 and 2 (especially on Crushing) have plenty of arena battles that have a similar level of pressure and replayability and unscripted dynamism.
RE4 and Uncharted 2 are both fucking awesome games, though, so comparison that's solely about RANKIN 'EM is stupid and for dumb children.