it take pixar 2-3 years to finish a movie and thats mostly small environment and allot of repetition.
Most games take 2-3 years of development, and if you look at the level of detail and modeling difference between pixar movies and games from today, games have a long way to catch up. It may be repetition as you say, but what makes games any different? They are all limited to a particular environment and character/model list, which only gets additions during expansions, and that's if any!
As far as retraining all the modelers it's not necessairly true: it only means they can model without restrictions of poly counts, and I don't know of a modeler who wouldn't love that!! I've dabbled pretty extensively in 3D and I found poly count limitations in modeling can be quite a bit of a pain when you have a set standard for the results needed. Increasing the poly count when modeling is not hard; it's reducing it that is!!!
I think retraining all the texture artists might be a pain though, but that depends on how the texturing in such a system is done, and that we haven't seen yet :P Since you can import from 3dsm and other software, the texturing might get done in the same software as the modeling and just gets imported with the models.