EDIT: nm it is a bit more complex than I thought.
I think people are misinterpreting the approach though - what AMD is doing is basically trying to remove the barriers that limit shaders usefulness to do ray tracing but that still doesn't give the kind of potential having dedicated hardware can for this application. There seems to be 2 components here in that the shaders can do either ray tracing or shading applications but also that they can do some concurrency of ray tracing and shading for ray tracing results.
I think people are misinterpreting the approach though - what AMD is doing is basically trying to remove the barriers that limit shaders usefulness to do ray tracing but that still doesn't give the kind of potential having dedicated hardware can for this application. There seems to be 2 components here in that the shaders can do either ray tracing or shading applications but also that they can do some concurrency of ray tracing and shading for ray tracing results.
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