You don't get "The Green Mile" from this, because it's a tool. You get "The Green Mile" with artistic vision. The tool has to be told what to do. But now a director can shoot a film with actors who don't match the physical description of a character in a story, and then correct their race/gender/figure/whatever with AI. That probably means they save money on casting. A director can shoot a scene inside a blank set and turn it into a palace with AI. That saves money from shooting on location or saves money from having to pay for expensive sets.

So now a director with a limited budget but with a good vision and understanding of the tools available has a better chance to realize their vision. There will be tons of crap put out by this tool as well. But I think/hope that at least one person uses it well.

But because it will make shooting a movie more accessible to people with limited budgets, the movie studios, who literally gatekeep access to their sets and moviemaking equipment, are going to have a smaller moat. The distribution channels will still need to select good films to show in theaters, TV, and streaming, but the industry will probably be changing in a few years if this development keeps pace.