I don't think it would be cheaper or easier. Take a simple example, where a director wants a crowd of random extras to watch the actions of the main characters, who are real actors. In some films, these extras are already being replaced with CGI.
Now if computing power were fast and powerful enough (as it will someday) for a director to "paint" the extras into the scene using a $20,000 software package bought by the studio (I made up the price - I have no idea how much it would actually cost) that can be used as many times as necessary, do you still think it would be easier to go through the work and cost of searching for, casting, and paying real people?
That's all true, but it's not what I'm talking about here. I've already acknowledged that photorealistic CG, like earlier special-effects techniques before it, is a valuable tool for doing
certain things that are prohibitively difficult, dangerous, or expensive to do with live actors. Crowd scenes could certainly fall under that category. What I'm arguing against is the assumption that CGI can or should
completely replace using live actors at all. Yes, there are certainly things that are cheaper and easier to do with CGI than with live actors. But there are
also things that are cheaper and easier and better to do with live actors than with CGI, and for those, you should use live actors. It is wrong to worship CGI as this magic all-powerful thing that will replace all other forms of creativity. It's a powerful tool, but it should be used
alongside other tools.
And I'm also saying that it doesn't make any sense to want to make a
completely CGI movie that looks just like a live-action movie. If you're not including real actors in your movie at all, then why limit your design parameters by the need to mimic reality? A movie with no live-action elements is an animated movie. So let it be a cartoon. Embrace the possibilities of caricature, of unreality, of heightened reality. Take advantage of the technology's potential to create characters that don't look like real people. The only sensible use of photorealistic CG human characters is to
match the appearance of the human performers in a partly or mostly live-action film.