Definitely true. We draw our experience on lights from the real world, so the closer an engine is to the real world, the faster the artists can prototype and test lighting setups.
As a still photographer who sometimes works with multiple off-camera lights (strobist-style) I would love to be able to experiment in software to see a very close approximation of how a setup would look.
In all seriousness, go download a build of blender that has the GPU renderer built in. It is totally handy for what you are talking about. Hit me up via my email in my profile if you want help getting started, the interface can be a bit non-intuitive.
I have a plugin for Cinema 4D called "HDRI Studio Kit" that is basically a set of predefined studio lights and lighting setups. Makes it very simple to light objects using traditional photographic methods. You have various tent setups, soft-boxes, umbrella lights, etc...
There's a lot of untapped creativity from the masters of film and television production in gaming, because the skills don't map well. I'm definitely keen to see what happens to that situation once the engines get closer to simulating the real world. The possibilities are endless, since suddenly a great lighting director's skill set is much more valuable to a team working on a AAA title.
That isn't to say this doesn't happen now, just that it's only going to get better.
