I do not think we will see it until the next video codec standard comes in.
For a 1080p movie, iTunes currently uses h.264 at around 4-8Mbps, which gives pretty good quality for the size, Blu-Rays usually use h.264 as well, but at around 30-50Mbps.
h.265, which is still in developement I believe, can achieve nearly the same quality at half the bit rate, and therefore nearly half the file size. It can also support 2K, 4K and even 8K resolutions.
So I think (also not for quite a while yet) that the 720p and 1080p files will either get smaller, or, stay around the same size with an increase in percieved quality.
I think eventually 2K and 4K files will be available to download, but right now, they are just too big to transfer and manage, also not many devices can actually play those resolutions back yet. Until the ability to play them is there, and have them at a reasonable file size (apparently h.265 will be able to get good looking 4K around 7-12Mbps) I just can't see it yet.
Long story short, yes, but not for a while. The h.265 standard needs to be finished, get hardware decoding into products (this is key, otherwise battery life will be hilariously short), so a few years yet.