[1] http://blog.selfshadow.com/publications/s2012-shading-course...
[2] http://blog.selfshadow.com/publications/s2015-shading-course...
If the former, then maybe a bit.
But the beauty of physically-based is that in many cases, you can take a model that's been textured and lookdeved and it will work nicely in many different lighting setups. Before Physically-based, you practically had to re-do stuff completely when you changed the lighting to get the look you wanted.
However, Physically-based still isn't a complete win - you can't looked something close up and expect it to look good in the distance - it just won't. You need to be aware of the LODs and create different asset variations appropriately for different distances.
http://www.zeitguised.com/geistxyz#geistxyz01 https://vimeo.com/150824660
The problem that occurs when trying to do path tracing on current hardware is that secondary (reflected) rays are incoherent so the gpu will stall one ray while waiting for another that hit something, leading to poor utilization of the gpu. It's still normally faster than on a cpu, but compared to "simpler" problems like some linear algebra (Machine Learning or similar) the perf of gpu vs cpu is low.
For real GI, Path Tracing, Photon Mapping and so on are the methods of choice and not Ray Tracing.
Global illumination is where we want to go to surpass the realism of current games, but path tracing and photon mapping are both fundamentally based on ray-tracing. Any hardware that makes ray-tracing go faster (especially for incoherent rays) should also help to speed up global illumination.
Depending on the implementation, raytracing can have many benefits over rasterization, such as: - ability to produce pixel-perfect shadows - sub-linear complexity on the amount of primitives (vs. linear for rasterization) - rays need not be coherent, i.e one can render non-linear projections or lots of small views
Path Tracing also is just another form of Raytracing. They demonstrated that their hardware can be used for it (just read the link).
1. The highly-parallelizable nature of RT is ideal for many-core architecture we're heading toward. Note that the PowerVR hardware used in the demo has 4 cores, needs no fans, and uses 10x less power than a traditional rasterization-optimized GPU.
2. The simplicity of implementing physically-based effects leads to a much easier time for artists.