It seems to me as if anything is now possible with computer graphics. Is seems as if we can depict cloth, water, skin, anything, completely convincingly.
Are there areas that are are still a challenge, or is the focus now on finding faster algorithms and cutting rendering times?
Raster graphics are basically a huge collection of hacks. Raytracing or similar methods are more “proper.” You get things like radiosity, reflection and refraction for free with raytracing. Doing raytracing in real time would be HUGE for games.