Is raytracing less "expensive" than planar reflections?

Shading certainly will be big challenge, especially if there is need for accurate materials and lights to be dynamic.

As for optimizations using ray-tracing doesn’t really mean that everything must be correct and identical in reflections.
I’m quite excited to see how developers will start to exploit ray tracing hardware by using them with all sorts of distance cubemaps and light probes. (IE. True parallax corrected cubemaps with characters rendered within.)