having seen it first hand my subjective opinion is that it is incremental at best.. i would have rather liked to see revolutionary breakthroughs in character and story AI that would have made 'write your own story as you play' scenario possible... but the processing power, if you ask me, is being wasted on a special effect..
though i am not an expert to comment on whether there are hacks for out of scene reflections and indirect illumination with rasterization (was thinking of reading a book or two but could never find the time, interesting topic as it is), can only hypothesise that some tricks should be possible, it wont be able to provide an accurate RT render but it should be able to trick the human eye into some kind of an optical illusion