Working in film, the use of ray-tracing and its optimizations are day-to-day tasks, obviously we work in different areas of CG compared to the games industry, but the technology is pretty much the same.
Saying this, even in our world, where individual frames can take up to 8hours to compute, we spend allot of time developing alternatives to ray-tracing, as easy as it is to achieve good results, its damn expensive!
Ray-tracing isn't something you can just turn on and get photo real results, many other aspects of the image come into play, such as ambient/reflection occlusion, the quality of texture/bump/displace mapping etcetc.
In my opinion real time rendering will seek alternatives to that currently used in other areas of CG, otherwise it will just be a matter of waiting on hardware power to increase to a level where using these techniques is feasible, and where is the fun in that!