There are now programs that let a person create a modern full of effects videogame for the iPhone. The first is by ID which made the amazing Quake and Doom series. Their latest game program is called rage and here is an article and video on the subject.
The above is the Epic program for the iPhone and iPad. The cost for this program is free until you start making a lot of money.
This is all very impressive, but the controls still suck, and all of this could be done on a Wii. A good question to ask is why are they not done on the Wii? Because the same people above decided to not do it.
In other news, Valve Software, the creators of games like Half Life, Portal and Team Fortress, have said they are slowly working on making a movie based on Half Life. It will just take a long time since they are a videogame company and not Pixar.