yeah, that quality of skin layers is known as subsurface scattering (SSS), and there are real-time shaders for it though they are quite expensive in term of fps, and they will still far short, or look waxy without the necessary detailed lighting data being calculated and passed in.
as far as gaphical improvements, we have had some big leaps in the last decade, but i think we will/are starting tohit a point of diminishing returns in the benefit we gain from simply throwing more processing power at the problem. to get this true photorealism in realtime, we will need to look at how we render, the techniques used, and find clever solutions beyond raw power.
adaptive tesselation is a good current example.
some sort of predictive rendering, in which high quality renders are run off on a separate thread before being needed could help if the predictions of what will be needed could be made accurate enough to not create mostly wasted renders that never end up being needed.
Shazam!