I don't think that it will eliminate CFIT to any extent greater than existing modern GPS systems do. All modern kit has built in terrain awareness and you can't miss the warnings. That being said, I'm sure that people like Garmin are working on it and one wonders why it takes so long (probably because they don't currently need to move any faster).
The Chelton system is much better than the Garmin or Avidyne but I don't think synthetic vision is its biggest strength. There is an article I wrote about it here:
http://fly.dsc.net/u/Download?url=/pdfs/chelton.pdf