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.

Perhaps it's my tv settings but HDR makes most games look worse. It's a Sony X800D 49 (XBR49X800D)

It's not the best for HDR but it should certainly look better than without.
https://www.rtings.com/tv/reviews/sony/x800d
They do recommend a dark room for HDR viewing.

Hmm, Note that the 49" variation has an IPS panel, and so the contrast ratio is expected to be closer to 1000:1. That's pretty low. That might not be enough to get decent HDR.

Yea get back to me in 2022. I'm still having fun with my dumb tvs.

I've tried RTings setting and why were terrible for me.

The third to last post here https://community.playstation.com/content/pdc/us/en_US/pdc-communities/support/Consoles-Peripherals.topic.html/ps4_pro_hdr_issueso-WVef.html are producing good results for me right now in Uncharted Lost Legacy. Will try some other games later, the game's starting to get interesting.

HDR, 4K, Raytracing and 60fps..

Wonder how many of those options will devs be able to put together in a game for next gen..

honestly I never saw hdr in action, nobody I know got a hdr tv. my last tv is 2 1/2 years old so it's way too early to buy a new one. I had to decide between lowend 4k 50hz tv or 1080p 100hz with decent specs for 420€, so I chose the 1080p one. threads like this makes me really curious, although there are still games and movies which suprises me with their colors, even without hdr.

hdr and 144hz monitors are both 2 things which I really want to try but I fear it's like opening pandoras box. for now I'm satisfied with my tv and 60 fps is top tier smooth for me. I fear I can't unsee it when I try 144fps.

hopefully I can keep my tv until there are freesync high hz tvs with a low price.

HDR is the god level upgrade for gaming on big TV's. Everyone with an OLED 4K are raving about it. I'm not due a new TV until 2021 but I'm excited. HDR is still being improved on the developer side but also the TV side. It's going to get even better.

Forget about 4K or HDR. A $2000 OLED screen puts everything else to shame. Normally when pixels are lit up, part of their light bleeds into the next pixel. This makes colors a bit off from real life, and faded. This is especially true for night scenes because a bright pixel that is part of a light, will bleed over into a black pixel that is part of the night sky. OLED gets rid of this so blacks look blacker, contrast is vastly improved, and everything looks more defined. Hopefully in about 4 or 5 years OLED TVs will drop in price to around $700 for a 55 inch model.

I have a 4k HDR TV and i cant tell differance. Am i doing something wrong? I have the Backlight turned up and stuff!! Also do i need HDT+ on or off? Its currently set to off.