Kim has posted an excellent video of 3 guys making a video of the landing on Omaha Beach for a much, much smaller budget than what Steven Spielberg had in Saving Private Ryan.

We can quibble about whether this can be called 'amateur' or not, but I agree with Kim that:

[...] I stand by the sentiment that it's not tied to Hollywood normal stranglehold, which is 'control through funding'.

In the games business, it wouldn't be whether a fourteen year old in his garage could build something of high quality, or whether two professionals living off credit cards could build it. Either way, if it's not tied to "requires 10M in funding from EA", then it significantly changes the business.