Ray tracing is the future of gaming, but this shows that Ray tracing is far from ready for gaming today. They are only using RT for a few things, depending on level selected, like water/windows/gun reflections etc and performance is reduced by 2/3's @ 1080p! This for a card that is well over £1k, it's not ready for prime time.
I bet, if the developers tried they could get a frame rates well into the single figures, i.e. a order of magnitude reduction in frame rates, by RT-ing a lot more effects still at 1080p. What this tells me is that, unless NVidia improves massively for the next generation, RT is not viable for the next-gen either. I'd rather game with usable frame rates at 4k with RT off rather than unusable frame rates at 1080p with RT on.
This generation will not last long, NVidia know that they need to improve the RT ability for the next-gen if they are going to continue to push it. 7nm will help, but I don't think TSMC are ready to produce a chip will be in the order of 700-800mm2 - even with a 2 fold improvement it's still not enough to make it usable full scene even at 1080p.
Games are going to look beautiful in five or so years when RT-ing is going to be usable full scene, but we are not there yet..