Real time ray-tracing will probably be one of the key features of the "Crysis" of next generation; and by that I mean, a game released 12 to 18 months after the most powerful console and requires multiple high-end graphics cards to play on medium settings at a reasonable frame-rate and resolution. The screenshots from this game will be spectacular, but it will be the next generation where the hardware is available to produce these kinds of graphics in real time on a console.
With that said, I think you will see a handful of true ray-traced games and quite a few hybrid raster/ray-traced games but most games will stick with the conventional raster approach due to performance concerns.







