I still think RT is going to be fairly limited in it's implementation regardless of platform but I'm sure the XSX will have the edge in that area. Showing off Minecraft running with RT on made Minecraft look like a nicer version of Minecraft but we'll see what they are able to do with much higher levels of graphics, especially when you have to start showing high quality animated character model reflections etc.
As far as the cinematic quality I don't think MS has really shown much interest in doing that, Spencer keeps saying that's what Sony does well and that Matt Booty made it sound like most of the smaller studios that they've purchased are going to focus on "high end AA games" and while that's clearly not the case with Playground and the studios MS already owned before their buying spree it does make sense considering most of those studios were already AA studios to begin with.
I think Ray tracing will be massive this generation. MS have built there API around it, not to mention both consoles coming with costly hardware specifically for it as well as both Nvidia and AMD pushing it on there newer cards.
The Minecraft demo was Path Tracing which is a much more intensive/expensive form of ray tracing showing that the Xbox series X can push at least an equivalent to a 25tf GPU without RT specific hardware. As stated in the video below, the Minecraft demo is actually much more hardware intensive than the AAA games like BF5 version of RT because it’s actually calculating billions of different points of light on the fly, AAA games will likely use the Hybrid Ray Tracing where normal rasterisation is used for most of the games shading then RT is slotted over that to enhance the effects (2 minutes into df video). As Digital Foundry put it, don’t be fooled by the Minecraft simple visuals because the Path tracing they showed is much more power intensive than anything shown on the AAA versions of RT. Path tracing is a whole other beast so Xbox will have no problem going the hybrid RT on AAA games like BF, Control and Metro Exodus.
It will also make game development easier because the RT API will reduce the need for artists to go through the games spending tons of time trying to fake the lighting to look just right (which it clearly doesn’t) instead it will give games a more realistic and natural look. Have no doubt RT is going to be huge in the coming years.
I think if anything it’s the SSD’s which is less likely to have the impact many gamers are hoping for as stated by digital foundry’s Alexander Battaglia as far as pushing open world games further
Unfortunately, however, the PlayStation 5 SSD isn't a miracle in the guise of some sweet tech. According to Digital Foundry's Alexander Battaglia, the PS5 SSD won't allow for different looking open-world games, despite that being something that fans have been imagining in social media discourse since the reveal. Detailing his opinion on ResetEra, Battaglia pointed out that SSDs simply don't function in a way that will meaningfully impact open-world game design.
"...People saying things about the SSD enabling entirely different looking open-world games does not make much sense based upon what we know about open-world development really. All data pulled from SSD would be static data, completely unmutable.
...Procedrual methods exist to increase the efficiency of artists and diversity of the game world and even increase detail beyond static draws."
Basically, procedural data doesn't live on the PlayStation 5 SSD itself, which means that it won't be significantly affected by the technological breakthroughs of the device. It's not that the PS5 SSD is unimpressive - it's just that it won't be a factor in the way that many imagined it would be, simply because of the way developers approach open-world game design currently. Battaglia also pointed out that Xbox Series X vs. PlayStation 5 comparisons have been a little sketchy too, suggesting that the Xbox Series X GPU is "just better, full stop." That doesn't automatically mean the console will be more impressive at launch than the PS5, as the Xbox One X was also the more powerful console and failed to capture the imagination of consumers in the same way the PS4 did. It's still interesting insight from an expert, however.