HDR is more important for console gaming, but ray tracing will likely be more important for the future of graphics in general.
When HDR is implemented correctly, it can make a huge difference in the quality of graphics. One of the best showcases for me is Shadow of the Colossus (remake).
However, since ray tracing is taxing on the strongest of PCs, I don't see its use catching mainstream gaming until the tech catches up to ray tracing.
But when light simulation is nearly life-like, it is a bigger game changer. Unfortunately, I've only seen it on Digital Foundry videos and other tech showcases, because I don't have the hardware to support it, and I don't see ray-tracing coming to the next generation of consoles, either.
HDR wins in the short term for me.
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