Of course there will be load times. How on earth should they get rid of those? But they will be significantly lower. A gae obviously needs to write something into the Memory at its first start, that will take some time, even with GDDR5. But once that's done, depending on the game there should be no more noticeable load times inside the game. but it really is up to the developer if there will be load times in a game or not. Sony just can't build some miracle hardware that takes the loading time out of every sloppy programmes game. But remember Uncharted? That thing took quite some time at it's first start. But after that, you won't notice any more loading times, even though the game doesn't even need an installation and runs straight from the Blu-Ray. Sure, the loading is there, but Naughty Dog has hidden it so well that almost every gamer won't notice. Now imagine what is possible with the PS4 if something like that can be done on the PS3.
Just like the graphics and everey other aspect of the game, loading times are purely up to the developers. You know, the best hardware in the world ain't worth nothing if you don't know how to use it.