Oh it's gonna be a while before we can render movie quality stuff in real time, haha!
Sure, some games look great and run at smooth framerates on the best gear available, but that's not even close to the cgi quality in movies like Avatar. And then imagine doing so in 3D, where 2x the frames are necessary. Then there are people who prefer 60 fps AND 3D. That's 120 fps!
But first, the cards have to be able to run complex 3D scenes in a snap. Games take a lot of shortcuts to keep playable, and it's fine because we are focused on killing baddies. The rough edges on rocks are unnoticed, so are the unnaturally sharp corners of buildings. That stuff wouldn't pass in a movie.
Hell, just imagine your room and all the random placements, all the objects in it. No, just zoom in on your pc itself. Rendering just that in real time would be SO much harder than running crysis maxed out at 120 fps.
Nvidia is still hard at work getting the current fermi cards to work well too. Not really a charade, as you call it.