We are well into diminishing returns territory with high resolution textures and 3D models, but most games are still using comparatively crude lighting technique. Raytraced lighting, when combined with the above high-fidelity game objects can produce startlingly realistic games today. Here is an example for a recent game called Bodycam:
My point is, lighting is a force multiplier that we don't yet have in most mainstream games. But now with many modern graphics card providing support for it and technologies like Unreal's Lumen making it easier experiment with on the developer side, I am expecting this will be the primary area we will see games distinguish themselves in the "good graphics" category.
Sure, and I've seen comparisons before, but the truth is that I don't care. It doesn't change the game. Visual improvements between PS1 and PS2 made the characters look less bizarre and helped me recognize things. At this point, whether it looks photorealistic is just... irrelevant?
Maybe some people care more, I can accept that. But there is no chance I'm going to buy a PS5 Pro for it, and I don't think many fans will.
Graphics card companies have done a lot to make me less and less interested in better graphics anyway. What I really want are better games.
An example just off the top of my head is a game where you have to fight a medusa by relying on shadows/reflections only because if you look at it directly, you're literally petrified. Attempting to do that without proper ray tracing simply wouldn't be good enough.
https://youtu.be/0ol0kTteyo0?feature=shared
Even if you forgo the realistic textures and models, it still can produce some amazing results. Here is a clip of Quake using raytracing :
https://youtu.be/DYziPapZWDw?feature=shared
My point is, lighting is a force multiplier that we don't yet have in most mainstream games. But now with many modern graphics card providing support for it and technologies like Unreal's Lumen making it easier experiment with on the developer side, I am expecting this will be the primary area we will see games distinguish themselves in the "good graphics" category.