I find the idea of this thread really interesting.
In the days of 3D studio release 4 (1995 DOS based renderer) It was interesting to watch hardware slowly take on more and more hardware features that could resemble those offered by 3DS r4. By the time the original geforce 256 came out around late 1999 it could be approximated that it had 3DS render features, around 5 years down the line.
Whats also interesing, and a point made above is comparing how the software renderer would do things so amazingly inneffeciently. And watching how identical results could be done so much faster with dedicated hardware.
When you compare 100 TF of offline rendering by CPUs you must consider the following:
1) How low the effeciency of spreading computation accross thousands of CPUs can be, Rather than 1 or 2 GPU cores
2) Any given CPU may be more general purpose than is required for its job of rendering, meaning a poor flop / transistor ratio.
3) Software solutions will not be very highly optimised to run quickly on any given CPU.
4) Algorythms used for rendering may be mathematically unoptimised and unneccessarily exhaustive for the requirements of real time application.
5) And lets not forget another VERY important point, by the time we have GPUs calculating 100 TF/ per second, I think in around 8 - 10 years, there will be many new breakthroughs in Maths, programing and software development. This will yeild much higher performing algorythms for creating todays offline effects, who knows how many paradigm shifts we may see in real-time rendering techniques 10 years from now.
So what I believe is that we will be doing many, many times more with 100 TF on a single GPU for a given frame of graphics, than we could dream of doing with 100 TF of offline style software render using todays techniques.
And when you consider that computing power has million folded in 30 years, and that we can expect the same again in another 30 years, we may see that in the future anything may be possible for real time rendering.
BUT WE ARE NOT THERE YET............. NOT EVEN CLOSE !!!!