From a software and algorithm perspective, yes - although what with measured materials and lights (in other words in physical units that match what they are in the real world), it's pretty trivial now to set up scenes in CG which match simple materials like the ones in this example.

What's still a not-quite solved problem (at least efficiency-wise) is displacement / lean / bump micro-surface detail (linked to microfacet response) and stuff like scattering and absorption (for skin, hair in particular) - we can approximate it very well, but still not quite 100%.