[Leica] digital leica - cheap lenses plus software = zero distortion etc.?

[Robert Monaghan <rmonagha@post.cis.smu.edu>]

greetings ;-)

given current software can convert fisheye shots into rectilinear ones, and
presuming future higher density imaging chips plus camera CPUs and software, 
won't it be possible for a digital camera (Leica?) to use a map of the 
lens distortion, various aberrations, and other defects at various 
f/stops and focusing points, and then remove these distortions thru software?
I presume this data could be generated for each lens during mfgering, and 
perhaps loaded into a ROM chip in the lens, and corresponding settings 
read off from the lens during use (e.g., f/stop, distance)? what lens faults 
could NOT be factored out, and why? Will this permit low cost future 
optics on a digital (Leica) camera to achieve much better performance at 
a lower price point? What qualities will current glass and film based 
Leicas have that will be superior to such a digital camera software based 
optimization process?

thanks for your insights ;-) bobm