Sure, it's awfully simplifies everything, but at a huge cost.
> lighting, reflections, diffraction, motion blur
Just about every one of those becomes easy, but incurs a huge performance penalty.
Also, thinking about it, I'm not sure that motion blur actually becomes significantly easier.
Lighting isn't a huge win, direct lighting is improved slightly, but GI is still impractically slow.
Reflection and diffraction are a pretty good win, but are also things that are solvable with a "ray-trace sometimes" approach, which is a much more likely solution for the near to mid-term.
And generally speaking visibility is done with some sort of ray checking anyways, sure it simplifies things that now we don't have two different solutions, but the complexity is a huge optimization.
So sure, it'd simplify things a ton, but I don't imagine it to be the primary rendering technology in real-time game for a long time.