The question would be whether we can turn the crank on the design of models to make it possible to do something really cool given access to very high-speed SSD storage.
You also lose the flexibility of doing any sort of data modification or augmentation. One domain where your data usually doesn't fit in RAM is image recognition, but often you want to do things like apply random flips, crops and change hues before training to make the neural net less sensitive to those changes, which you can't really do with this.
Data pre-processing is indeed an issue, but hue adjustment/flipping/cropping could be implemented as Tensorflow operations, on the GPU. Similarly with input decompression - it would either have to be done on GPU, or the data would have to be stored uncompressed.
In deep learning you are usually doing a lot more custom processing and your datasets are usually not as big, such that just buying more RAM is often cost effective.