It would take clever programming and huge amounts of bit-bouncing, but the programmers and Moore's Law are still in play, so I assume it's inevitable. Five years? Ten?
The good news is that those capacities can also be used for whimsy, weirdness, and exaggeration rather than just making all the women look boringly identical.
The bad news is that too much CGI just looks like "I have a morphing program, aren't you impressed?", and I expect that a lot of photoshopped movies will be no better.