I still don't understand the raytracing craze when it comes to games. Years ago when I wrote my first raytracer I might have got excited about it. But we have advanced so much with rasterization that I don't really understand why this is something we need.
Raytracing complexity is tricky and it is likely to prove challenging to do in a game with consistent frame rates. Soft shadows are expensive even for hardware.
I would be more excited about some other global illumination improvements, like photon mapping.