I've been really happy with Switch 2's performance. I just beat RE9 and have now beaten all of the 3 modern RE games on Switch 2. They looked and ran great to my eyes. I beat Indiana Jones earlier this year and looked wonderful. I've started Oblivion Remastered and it looks quite nice - though I have noticed the occasional slowdown in the open world a bit more than in other games. I've been playing Grid Legends, which looks suitibly current-gen for a racing game. I'm in the middle of Final Fantasy 7 Remake 1, which looks great. I'm so glad I waited to play Hogwarts Legacy until it got a Switch 2 version. I loved playing Galaxy in 4k and playing Tears of the Kingdom and Prime 4 with not only much higher resolutions but much-improved textures and 60fps in Zelda's case. Mario Kart World and Fast Fusion are huge leaps over the Switch 1 games. Donkey Kong and the big Pokemon spinoff not being a clear generational leap hasn't bothered me when there's been so much eye-candy elsewhere.

Long story short, the traversal stutters from the other versions remain a bugbear, though it does retain Lumen GI and Reflections.

For those who know more about this stuff, is Lumen GI/Reflections raytracing or a different technique?

It's a hybrid technique, like what is usually called "ray-tracing" in game settings. Basically a mix of normal rasterized methods with various ray-tracing approximations. 

Raytracing is best thought of as a collection or family of many different techniques/algorithms rather than a singular thing, and then once you add hybrid techniques like Lumen (or what is in games called "ray-tracing") it gets even more complicated. 

Cheers. 

Honestly, given how demanding it is, I think Oblivion turned out rather admirably on Switch 2. I wouldn't say its a polished experience per se due to the inherent issues with the game itself, but it looks decent enough and performance while variable isn't as poor as many feared.

I may give it a go.

Software Lumen is not raytracing, since it's quite simplified and tends to be inaccurate, but Hardware Lumen is. This is fairly good visual comparison:

:

Technically there is still ray-tracing in Software Lumen, it's just the rays are traced against Signed-Distance-Fields, which are approximate volumetric representations of the scene geometry. That's why it is less accurate. Hardware lumen works against actual scene geometry (or a very close representation of it, i.e Nanite fallback meshes) because it has available the specialized hardware to accelerate it for real-time workloads.  

Example of an SDF from Wikipedia. 

The difference is primarily the data structures/geometric representation being traced against. In Software Lumen you have the SDF representation, while in Hardware Lumen there is the TLAS/BLAS BVH. 

Yeah, I didn't want to go into details there, point being that although SW Lumen gives RT alike results, it's quite simplified and prone to mistakes with quite a bit less details than "standard" RT. SW Lumen is fairly fast and often good enough though, and if games are actually made with only that in mind from the start, those problems can be mitigated to a degree.

I'm just trying to imagine how great pikmin 5 will look on the switch 2. I was impressed with the last game on switch.

Yeah Pikmin I think is one first party IP that could benefit immensely from a boost in power, given its focus on semi-realistic miniature landscapes.

Pikmin 4 was already a good looking game, 5 could takes things a lot further by adding more detail and naturalistic materials.

The PS5 and Xbox have different RNDA2 implementations. Xbox's implementation is closer to the standard design. Sony took things like INT8 processing out of the PS5 GPU and used the die space for other things. Those customizations benefitted Sony over MS until now. But now it's too late for it really matter. It shows how incompetent Xbox was though. Sony has been stepping on every rake they can this generation but Xbox is in a vegetative coma so they couldn't take advantage. Typically when you make countless mistakes as a console maker, your competition pounces on them to gain marketshare.