At least in database kernels, we noticeably reached this threshold around five years ago with typical server hardware. This is an interesting computer science problem in that virtually all of our database literature is based on the presumption that I/O is much slower than CPU.
If you cleanroom a database kernel design based on the assumption that I/O performance is not the bottleneck, you end up with an architecture that looks very different than the classic model you learn at university. It is always a tradeoff of burning a resource you have in abundance to optimize utilization of a resource that is scarce, and older database architectures are quite wasteful of resources that have become relatively scarce on newer hardware.
If you cleanroom a database kernel design based on the assumption that I/O performance is not the bottleneck, you end up with an architecture that looks very different than the classic model you learn at university. It is always a tradeoff of burning a resource you have in abundance to optimize utilization of a resource that is scarce, and older database architectures are quite wasteful of resources that have become relatively scarce on newer hardware.