Final Cut Suite may be a bit too much as it's like 40GB. Other apps such as iLife, iWork, Aperture etc would be easy. Some of them are already available.
However, Apple could switch to flash media like they did with MBA's install media. All Macs have a USB port so that's not an issue. It costs a bit more but in e.g. Final Cut, it wouldn't matter as the whole suite is quite expensive.
That's a great solution. 64 GB USB drive would be cheap for a software company to include (purchased in bulk) and with $500-$1000 software suites, they should be able to keep profit margins close to the same level as compared to DVD based software.