Veo-2 is google's latest video-generation model. Released Dec 16th, it's quite impressive! Of course, there are still limitations (available in that previous link), especially w/ more complex movements (e.g. skateboarder & ballerina) and consistency. 

Then we have this, very realistic ad created by one person in ~3 weeks. 

Most people would not be able to tell this is AI-generated (maybe 1/100k people could tell unprompted?). It is still human-edited and uses human voices. Some quick facts from the author: 

• How long did it take?: yup, not sure the hours. What I can backtrack is I generated 12 days for the ad, and 4 for the BTS. add editing, sound design, etc. Maybe 3 weeks?
• All AI?: Every shot is AI except the talking head in the BTS part.
• Hardest Part: Character consistency. You can only use text now, so you have to make sure the characters stay the same as much to trick the viewer it’s the same person!

Some tricks they employed:

1. Very quick shots/edits. Notice the transitions are quick, which likely helps with loss of consistency across shots.
2. No AI-generated videos w/ voice (the narrator was from Fiverr, and the "director" is the creator)
3. No complex scenes (e.g. the skateboarder)

For the limitations:

1. Consistency across scenes & characters: currently the interface only allows production from text. For character consistency, starting from an existing character in video, and continuing from there is one solution.
   1. Google might not allow this though due to easily violating others IP and other concerns.
2. AI lip sync:  I've seen several impressive demos from research papers these past two years, so I'd guess it's already mostly solved. It'd just need to be integrated in the interface
   1. Looking at this recent Kling AI video though, the results aren't great.
3. Complex Scenes: More scale and data usually does the trick. Possibly could use AI-assisted physics engines to help render these (or produce mass amounts of data), but that's definitely not my expertise, just speculation.