The technology isn't there yet - but I have no doubt it will be at some point. The biggest issue I see with it is that it's not great at transitions from sharp to blurry like a real lens - it's applied in too general a way without enough subtle granularity in the transitions.
Still, let's play a game using some bokeh examples from one of my recent videos. In this case, we're going to compare the 600 6.3 to the 600 F/4. Also keep in mind this is an INCREDIBLY easy and unrealistic scene - real wildlife shots would be much tougher.
First, just what the two lenses look like side by side, the backgrounds unmolested by technology
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Now, how it looks with 100% blur applied to the F/6.3 lens.
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At first glance, the 600PF looks really good here, but look closer. Notice how the blur "spreads out" in the 600 F/4 shot, as opposed to the 600 6.3 where it simply takes the background and applies uniform blur to it. You can especially see this in the greens in the lower left and also the yellows right next to the clamp (note the size the the dark areas). Also, note the transitions between the blurry areas - they are still contrasty and hard compared to the 600 F/4. However, the tool does soften the textures in the background which is a plus. Will a casual facbook user notice things like this? Probably not. However, they may notice that the effect looks somehow "fake" without being able to put a finger on it.
Here's a quick side by side with just the 600 6.3 so you can see the difference the filter made.
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Also, keep in mind that you can also apply this to the F/4 shots too. In this case, both at 100% blur.
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Personally, I think the best use for this tool isn't using it at 100%
I think the best way to use it is for just knocking off the hard edges in the background and not trying to completely simulate a faster lens - I think when you push it that far, it tends to look a little unrealistic (although, this can also depend on the shot - texture of the background, that sort of thing).