John Kricfalusi always laughs at and criticizes Pixar animation. Mainly because he's a hipster (even looks and dresses the part) who wants to go back to the good ole days of Bob Clampett, Chuck Jones, Tex Avery, etc. For most Pixar or other 3D animated productions, there just isn't enough squash and stretch or exaggeration to appeal to old time animation enthusiasts.

I think it's possible though. It's been done to a limited extent in video games: note how Link's sword arm and sword grow when he takes a swing in Wind Waker.