From a technology point of view Ray Tracing will open the door to greater IQ in games down the line. However, my concern stems from the fact that the average consumer/gamer might not see the immediate difference and by that token, not be immediately impressed. New hardware takes some impressive bells and whistles to get people to upgrade and if this had been the tech demos to get people excited for the next phase of console gaming, I suspect some might not be that ready to "Jump In".
Agreed to a degree (bold), but the thing is raytracing will be one of the core technologies that will help games look more "realistic" and inch closer to the uncanny valley.
Honestly we kinda already have all the tech to make hyper-realistic games, just a matter of putting them together.
Facial animation from Netherrealm Studios (Injustice 2)
Environment design from Ubisoft (Assassin's Creed series)
Interior design from Naughty Dog (Uncharted 4)
AI from IO Interactive (Hitman/Hitman 2)
Ragdoll Physics from Rockstar (GTA V/RDR2)
Game Physics from Valve (Half-Life 2)
Character Models from Naughty Dog (Uncharted 4)
Animation from Guerrilla Games (Horizon Zero Dawn)
Combine tech and talent from all those companies and you can get pretty fucking close to real-life visuals.