I always thought Real Word was an extension of the Empire sound, rather than a lead-in to the Promised Land sound, but that could be my experience talking since I was largely unfamiliar with their 80's material until right around when Promised Land was released.
This. Empire's producer Peter Collins produced Real World too, so I always lumped the song in with the Empire album as well. Even though Real World was recorded during the Promised Land sessions, it always felt strange to include it on the Promised Land CD.
If memory serves, it was written and recorded in early 1993, with Michael Kamen. Collins was QR's producer from 1988-1997 (Mindcrime through HITNF), so anything they were involved in, he produced at the time. And unlike a lot of producers nowadays, Peter was a more hands-off guy. It was about scheduling, making sure the band had what it needed, and 40,000 ft. level stuff. He didn't work with them on their sound. That was, generally speaking, Jimbo Barton on the dials.
I've always taken it that Real World was the start of the Promised Land era, with a song written specifically for the Last Action Hero soundtrack, and not specifically PL. But it was certainly post-Empire, and not surprisingly, a similar vibe to a degree, because it wasn't written and recorded at Big Log. For me, the lyrical content of Real World seems like a nice bridge in what goes on in PL. I always thought it was a great choice to include on the PL tour, because it fit so well...