The Midi Manufacturer's Association has implemented a hi-def version of MIDI.
It has some interesting features as well as a much higher bandwidth.
http://www.midi.org/aboutus/news/hd.php
Looks like MIDI HD is pretty far along in development.
Is Cakewalk looking at supporting this ?

I have been following this development for several years, and have worked with the MMA. FYI Gibson was cited to me by the head of the MMA as the one company they could always count on for support. So we'll see what happens.

Well that is good news.
The implications of HD are staggering. In particular, support for configuration of multiple networked devices. I think some kind of universal control surface protocol/technology could possibly evolve from it as well. Keep us posted with any developments, please.

Four words: Direct Pitch / Note Update.  OK, and higher resolution controls.  Seven words.  More throughput. 9 words ...
 
It's all going to depend on implementation on a grand scale.  I'd be happy with poly AT, release velocity, double-precision CCs + Pitchbend, and maybe the CC 84 Portamento Control (source note) from MIDI 1.0.

I'd settle for manufacturers using the high definition available from using NRPNs rather than 0-127 for pretty much anything other than basic notes. Many MIDI controlled filters in particular are very coarse and "steppy" compared to voltage control.