You see, yes you can have all the features that ray tracing has, with traditional rendering techniques, but they are not perfect. They are not pretty. They are complex. They are ugly.
You see at a certain point you're going to face a serious problem. Not only is the ray tracing algorythm going to be mathemathically faster at a certian point, but once you shoot for higher image quality, where are the ray intersection effects going to be with traditional rendering? How about (let's get absurd; ) you have environmental light, comming in through collored glas, shooting color bleeding in a swimming pool.
You just can't get the ambience, the feeling of a truely correct image if you do traditional rendering. You just can't.
Now if you would voxelize the data, you can get all kinds of sick chemical reaction, weather effects, etc. If you're going to render that with traditional rendering (triangle-ized or not), you're simply not getting the right feel.
Let's turn the tables. What if (5 years from now or so) you actually can get fully correct ray tracing with voxel data (and all the fun features it can deliver), streaming as unlimited detail? Why would anyone still want to apply traditional rendering techniques? What advantage does it have when physical light is the limit in graphics?
We are going to hit that bar, sooner or later. There are algorithms out there that are way faster.
If we can reach the real-time bar. If it's only a matter of time. If it's technologicaly sexy and opticaly correct. If it's enabling artists to not give a shit about the graphics and fully focus on the gameplay and environment... Why the fsck not?
Seriously, not even close... Even reflections (indirect light) falls flatout on its face.You really should go with refractions, because it is one of the few areas rasterization falls flat.