I was listening to a podcast a few months ago where the guy hosting the cast and the guest were advocating that Rails should take this path, and do away with migrations. The guy kept repeating "migrations must die", suggesting there be a way to specify your schema on the model instead.
I cannot disagree more, and I hope Rails never takes this path. Not only is it not DRY, but I like the fact that Rails encourages you to be aware of your own databases schema and structure.
In addition, there would be no way to keep a history of your schema if models were what controlled it, without having them be extremely cluttered. Migrations are essentially version control for your database that evolves with your application...and I wouldn't want to not have that.