Nobody expected it, but it is happening. James Cameron has done it yet again with a world topping take of near 2 Billion USD with his latest offering Avatar which is all set to topple even the unsinkable Titanic which has been the top movie of all time for a decade now. Not surprisingly even Titanic was made by James Cameron, but that is being surpassed now by Avatar. Seems like James Cameron is once again "the king of the world".
More details here, here and here.