I'm actually glad I haven't rebuilt my computer yet now after hearing more and more about ray tracing being so close. DX11 with full RT support is scheduled for this year Q3-Q4...I would have been pretty pissed off if I just built a new computer and then got hit with that wave.
NVIDIA employees have been leaving like ants because they are going to be completely screwed unless they find a niche for the future. ATi is just happy they got bought out already...
The following rendering was written by hand on both technologies, with the exception that the ray traced rendering took 30% LESS development time...and see teh difference yo.
Intel's Nehalem processor is going to be teh key victor of the future, able to achieve more than 100FPS with max settings on Quake 4 with no video card rendering. Bad time to have just built a new Core 2 yo...
If you're wondering why you haven't heard anything about it, there's massive NDAs all around it because imagine how consumers would act if they know what they buy today is going to be partially useless tomorrow. They've still gotta make money...