I'll be honest, Elite's FSR 1.0 looks terrible...if you try to apply it on a 1080 source. When used at 1440 it can already look decent (even if still quite not there), at 4k you really have to nitpick around details and edges to find the quality loss (speaking ultra quality mode, others are hardly worth mentioning in my opinion). If I could be bothered playing in the 40-50 fps range instead of 80-100 on my 3060Ti (cpu bottlenecks notwithstanding, Odyssey is pretty much wrecked in that regard), I could well choose to play 4K with FSR, downscaled on my 1080p screen via nvidia DSR, with no edges and a greatly improved quality overall due to said downscaling, or play on a larger native 4K screen with a very minimal loss in quality, while still keeping more than playable framerates.
DLSS is in an entirely different ballpark, I play both Control and Metro Exodus at 1440 while they are rendered internally at something like 1700x900, and the image is pretty much the same but with 50% more fps. FSR 2.0 looks very much like a "democratic" DLSS, it would be a welcome feature. To think of such rendering "tricks" just as mere workarounds for badly optimized engines is, simply put, myopic at best.