Pixar used some raytracing for Cars and later described it as a huge mistake. Certain shots took over 200 hours per frame. In terms of performance vs. quality, even in movies, they prefer to go scanline. You won't see games going to raytracing any time soon.
In Transformers, they used cube-maps because raytracing was too slow. Is anyone here seriously going to make the case that Transformers looked bad because the reflections weren't perfect?