I don't quite see this to be honest. There are a whole lot of solutions that can't be written down in closed form. I think you can create a small subset of textures, models, environments, etc... and play ticks with them to get a wider range of media but I still think it's limited. In the future a lot of media might will be procedurally generated, but it will then need to be edited by people and the end result will not be saved in a formula.
more on real-time raytracing
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