Not to get arty farty, but I would like to think that one of the things people like about TV/movies, animation aside obviously, is the fact that you're watching PEOPLE do things (except for the thriving donkey porn genre), and if it's all mo-cap/CGI, I think something gets lost. I think, no matter how good, you're gonna lose something when it's computer graphics instead of actual humans. Maybe for your "Transformers" type movie that works, I don't really see people flocking to see the CGI version of [insert name of indie film about old man dying of cancer and reflecting on his life] or "Parks and Rec"/Breaking Bad/etc. (TV shows).
I'm talking when it gets to a level of photorealism where you can't tell the difference between CG and live action. When we get there it can used for more than just big budget action films. The reason why I personally would want to make movies this way is because it would be more like directly a play than filming a movie. When you have the performance you want you automatically have any/all camera angles and movements you want in any location under any lighting conditions.
This would be the ultimate way to make a film for me because now we have complete freedom to explore the story and performances and have the time to let things happen organically. How many times do great ideas on set get passed by simply because you don't have time to explore them. No matter how much planning you do on a film there are just some things that are only discovered in the moment of the performance. Yet so much time is wasted by repetition, all for the sole for the sole purpose of just getting a different angle. What if you didn't have to prioritize what you want vs what you need. You're not looking at a monitor, or standing next to the lens. You're watching the performance. If you feel you have it then you have it. For all angles, all locations, all lighting conditions, all wardrobes, all makeup, all hair, etc...
Just think about how much exploration you could do with your actors if you weren't waiting for camera or lights. Now, I'm not advocating you don't do any planning or think about shots/movement/lighting. I'm just saying when you're "filming" those things don't matter anymore. You are capturing a performance and now you're free to only worry about that and have the time to actually play in the moment.
My personal vision for the future of film making is being able to easily scan any room, object, or person and map motion capture data to it. So now I can "film" on a sound stage (or anywhere) with a minimalist set and only worry about if I (as the director) feel the story is being told. EVERYTHING can be tweaked in post. Now, of course this could be perverted and you could see a Kubrick like director taking things to extremes and manipulating things to a level where you might as well just key frame the entire animation from scratch instead of capturing somebody else. However, I think the advantages of making films this way outweigh those risks.
We already can make films like this. Avatar, Adventures of Tintin, Polar Express show us it's possible. Now we just need to improve it to the point where it's faster and cheaper. I realize not everybody wants to make movies like this but to me I see film making as just telling a story. It doesn't matter how you do it as long as your able to tell your story. I personally see this technology as a vehicle to allow anybody willing to put in the effort tell any story and not have to worry about budget. Because big action flicks will not really cost much exponentially more to produce than say a film like Tape, or Dinner with Andre.
I predict Hollywood will get there in 10-20 years and it will be another 10 or so before it's cheap and easy enough that anybody can do it.
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