You don't count a load time of almost 10 times faster as a generational leap? Ray tracing right now is just a gimmick, I don't care about puddles.
On the PS5, a Blu-Ray type drive is optional. Are you going to have 100 GB downloads from the network? That's going to take a while. Even if you have a gigabit network connection, it's going to take 15 minutes or so to download a large game. Few people have that much bandwidth. Red Dead Redemption 2 needs 150GB of disk space now, so games are already that big.
Games will have to have some starting level that keeps the user busy while the downloader pulls in content. But after that, performance should be impressive.
It's also going to be a driver of 1440 and 4k gaming, because there will be more games that look good enough to make high res gaming worth it.
I'm sure the cost of speeding up loading isn't worth it after you've written it with one set of expectations in mind.
I just hope an unintended side effect here is that load times for big studio PC games speed up too.
This will change as the new lowest common denominator will eventually become the new consoles with their faster NVMe drives