It treads the line between I think, while tending to lean one way or the other depending on the themes and writing of the series in question. Headmasters, Masterforce, Victory, Zone, Car Robots/RID, and The Unicron Trilogy lean mostly in favor of Super Robots. Most comic series, Beast Wars, and Prime fall more under real robots.
Despite all that I still think that in general it falls under the super robot banner a lot more easily, given the rather ridiculous nature of the mythos. I mean stuff like the Matrix, Unicron, Primus, The 13? Tell me that kind of weirdness DOESN'T sound super robot-y!
All said, I really miss the Japanese series'.