Yes it could happen! The French film, “La guerre est declaree” which is representing France in the “foreign” category was shot on a 5DMrkII and, from what I have read, a single camera!
This is pretty huge when you come to think about it. Vincent Laforet said a few years ago how the HDSLR where game changers. I think we all agree that they are, but having an Oscar finalist (and potential winner) shot on a HDSLR confirms it.
This is the best example of how HDSLR have leveled the playing field for film maker. Big budget is no longer a requirement for the ‘film look’.
I have not seen the film yet and don’t know if I will since it is a very touchy subject that I am no trying to think about as a father of a small baby. But, from what I have heard/read, it is quite moving.
Note: as far as I know, this is the first Oscar nominee shot on a HDSLR (hence the news, if I am wrong, correct me!)