Again, it needs iterating what exactly is 'ray tracing hardware' and if there are suitable substitutes. Could a CPU be enhanced to provide that functionality? Or can the shaders be tweaked? Will there be a development of a Memory Structure Processor that can be used in all sorts of structured memory access functions? Or some level of super-smart cache?
AFAIK we haven't got a single piece of information about how RT hardware acceleration is implemented, neither from nVidia nor ImgTech, so we don't really know what the best thing going forwards is. The very notion of a 'ray tracing accelerator' may already be conceptually obsolete if the future, as I suddenly suspect having just thought of it, lies in an intelligent memory access module somewhere.