Some fake lighting looks really good but it is really limited and only works when you have a forced defined path.
In VR for instance it can really show up any cheats which are done for a 2D screen.
Raytracing in games IS the future it just may not be here for another generation. This is quite normal, lots of new rendering techniques etc are little more than for geek value in the 1st generation of implementation anisotropic filtering is an obvious example but it is ubiquitous now
I believe two things are needed to make ray tracing the future:
1. The next console generation needs to support it.
2. It needs to be a standard feature of the next GPU generation. If it continues to be an optional luxury feature there will be no future for it.