Ray tracing is pretty much your photo realistic graphics. This is why I've been so excited so many times only to be disappointed..
Dice - I would imagine what we are seeing is bascially "Maxed out 100% RT" as opposed to what we may see in games (a few objects or something). However, it now all makes sense.. This is why Navi is scaleable and why after Volta Nvidia will be going in the same direction. Multiple cores on one die.
I would say it will be at least another five years before we see anything resembling that Star Wars demo (which did make me laugh

) on our monitors.
I'm not buying a GPU this year for early RT either. I just don't think it will make that much of a difference, if it is only a few bits and bobs like lamps and objects. And certainly not at £3k.