Degree is the entire problem. I mean, four years back I was thinking:

  I don't know how long it will take, but Hollywood is obviously screwed the moment something like Stable Diffusion gets temporal coherency and stops randomly adding limbs, because the energy cost per image on my laptop multiplied by how many frames in a film and $0.1/kWh, is ballpark the same as the cost of a cinema ticket.

Right now temporal coherency is still quite limited, and the models still do enough daft things you can't easily take the first version even when cutting every 5 seconds.

I still have no idea how far we are from something that would be good enough to render a Hollywood film. Well, a Hollywood that isn't a complete disaster.

Writing it is a separate problem, my experiments there show gradual improvement that has now reached the level of "obviously not publishable but also slightly less bad than going on reddit and sorting posts in short story groups by most recent instead of upvoted".