The consensus view in the SFX world these days seems to be that the best approach is to do as much as possible "in camera", i.e. real models, real sets etc, then enhance/correct/supplement it with CGI, rather than just running straight to CGI for everything. In some ways, CGI actually helps with practical effects. For instance, you can put the model (or actor) on a really capable, really safe, but really conspicuous "flying rig", fling then around the set in ways that would be out of the question with "invisible" wires, and then use CGI to edit out the flying rig better than any optical process could manage.
