Dont completely agree with this.Nvidia/AMD gpus are able to run games way faster that look significantly better than Fallout 4, yet Fallout 4 runs like crap and looks like ass... designers. They put in just horrible textures, with ray traced lighting, those textures still look like ass. The general design of the world is quite good which saves it, but the lacking graphical quality is there for all to see. They even tacked on an attempt at god rays. Had that been done by ray tracing and had it been done with perfect performance, the game wouldn't look much different as it's the textures that are the problem. Arguable if god rays are 'better' lighting (in regards to Fallout 4 specifically, the implementation is poor) or not, but they don't make the textures look better.
Ray tracing has since the early 90s been held up as a bullet to end all graphical issues in gaming, to bring us real world looking games and is completely unmatched. Despite the fact that absolutely none of that is true, this belief has stuck around. Ray tracing is not the silver bullet to bring gaming to photo realism and the performance still isn't there at all. The PC ecosystem is still no where near mobile and the ability to just switch over half a gpu to ray tracing won't work well. It will happen akin to tessellation, very small unit added on a new process with minimal ray tracing added in a very few games then step by step move towards Nvidia ******* everyone with crappy overdone implementations![]()
You used Fallout 4 as an example, and I'd say that's one where the lighting improvements over previous Bethesda games truly has given it a next-gen sheen that elevates it above those other games. It still has weak aspects and sure, great lighting and reflections and whatnot on their own dont automatically equal a fantastic looking game, but they are a very important part of it. Lighting in general has been on one of the biggest improvements seen with the introduction of the next-gen consoles. It goes a long way in making things look either more real or simply more spectacular.
Agree with the rest of your post that some people are kind of missing the point. Real time ray tracing *is* possible right now(as mentioned, Crytek are doing it and we even have examples like The Tomorrow Children on the PS4 doing it), but dedicated hardware makes it so much more efficient.