Assuming the bitrates are the same, 48fps will require 80% of the bandwidth needed to handle 60.
To the best of my knowledge, H.264 only supports two GOP structures (short = 6 frames / long = 15 frames), both of which operate independently from the playback speed.
In other words, a short GOP setting produces 8 blocks per second running at 48, and 10 per second running at 60. Assuming a constant bitrate (I know, I know), the throughput of the entire system needs to increase by an additional 20% to handle 60. And that's where things fall apart.
Consider the iTunes store, where I believe HD rentals top out at 720p. Or most HD broadcasters, who skew away from the 19.39 Mbps ceiling on the ATSC MPEG-2 spec in favor of programs encoded at 13.something Mbps (the legal floor) thereby allowing an SD channel encoded at ~6Mbps to be delivered in parallel. Does this exercise in bandwidth maximization impact the quality of the HD component? You bet. Do the networks care? If an additional SD means they can dramatically increase the number of ads served, then no, absolutely not.
So regardless of how great the acquisition setup, and how awesome the playback system, there's always the network in between them to consider. And with providers moving toward bandwidth caps, I see picture quality going down, not up. So, streaming 1080p60 H.264 encoded at (say) 7-9 Mbps? Choice, yes, but total fantasy for the time being.
Of course, Cameron is talking about making theaters competitive, so maybe that's his point. Given that BluRay has effectively failed as a universal home standard, and that instant-availability is hugely favored over order-and-wait programs, image quality of filmed entertainment at home is now tied to network limits.
The real question, then, is "are there enough cinephiles who actually care?"