You won't ever eliminate loading times, because the data has to be loaded at some point, even if it is during OS boot, and no matter how fast your storage device and memory, there will always be at least a short delay.
The key point here is looking to minimise loading times, not get rid of them altogether. There are already some games which do this, for example small games which once loaded never need to access a mechanical hard drive again. Likewise if you have games running from a device with faster access time and throughput this will help. In theory something like windows superfetch coupled with a large amount of RAM should help for regularly played games, or even the more oldschool RAMdisk approach (still need that initial period copying into RAM on boot, though).
Personally I think the issue is overplayed in any case. Say 10-30s waiting for a level to load is no big deal to me in the grand scheme of things, I mean say you play a game for an hour and spend 1 minute of that time staring at the load screen, is that really so bad?
A game like Far Cry has some pretty hefty loading times between levels (say 30s), but I don't mind that because I know that once it's done, it's done. The only thing I find annoying really is when you get a load of mid-level loading such as in Halflife 2, where you get this message plastered in the middle of the screen, looping sound etc. And then you get into a fight round the first corner, back off to reload and trigger the loading sequence again because you backed into the previous level section.
