I'll be the first one to say that computers are only as smart as those that would design and write the software. That said, the New York Times recently posted an article concerning the ratings system of the ESRB and how it will move from human-based grading to computer-based grading. It isn't that the computers have some sort of A.I. that plays the entire game through an assigns a rating (wouldn't that be grand?) but rather that the games will move toward a questionnaire-based rating system.
Just watched an episode of Icons on YouTube that was fairly decent-- it covered the formation of the ESRB. While I didn't learn a whole lot from the episode that I didn't already know, its political slant made it appear more professional than the usual "cowabunga dude" casual demeanor G4 typically presents in its tripe it calls original programming. Check out the full link after the jump.
I wish the episode would have gone more into the controversy with the ESRB. Not too long ago, a Punisher video game was released for the PS2. The designer of the game was greatly upset at how the ESRB insisted upon censoring the special "violent kills" in the game; originally, they were in color and showed the full kill. In the finished version of the game, they are shown in black and white and sometimes fade to white or cut out early.