For low intensity parts of gameplay, it should work well on the highest end phones, could even look pretty decent doing it.
But network latency and problem to get the framerate high enough for intense gameplay makes it less suitable for hunting and such...
And we are still a few years away from being able to easily port console and PC game engines straight over to the phones, so a lot of key systems would have to be heavily adapted or rewritten for it to work, so I doubt MA can pull it off today without massive help.
But we wont have to wait 10 years for the phone games to match and possibly beat todays PC games, in 3-4 years, all high end phones will have advanced programmable graphics, and multicore processors.
Embedded hardware developers is using all knowledge gained developing the PC hardware, and is closing the gap more and more each year.