While I’m currently more impressed by things like the demonstration of the Unreal 4 engine, raytracing sure is a “tool” that will and should be explored to some extent. Most game makers are still better off focusing on how to fake lighting even better (and Minecraft should probably move to an engine that doesn’t do a pretty poor job with everything), I too am curious to see how small developers might come up with novel ways to use it here and there. Like raytracing only portions of the screen, or use low quality techniques where it isn’t too obvious.
I’m afraid that beyond the “here and there” experience we won’t be much further ahead with raytracing in games even five years from now. Just maybe someone will come up with a technique that fakes it well enough for the average game.