Also Ray Tracey's blog is quite nice place to see all sorts of cpu/gpu realtime raytracers.
http://raytracey.blogspot.com/
Brigade seems to have flooded first couple of pages, but there is all kinds of tracers in older pages.
Why stop there? Some years ago (more 15 I suspect) there was a paper that did rendering by propogating wavefronts!!!!!If costs are out I'd just let a gazillion photons loose in the scene and simulate actual light instead of faking it with ray tracing
A rasterizer optimized for very small primitives looks a lot like a ray tracer minus walking over the acceleration structure (for instance one could design a rasterizer that handles 2 small primitives that share an edge). Even in that case I am not sure I'd go with a ray tracer for primary rays anyway (certainly not if the model is dynamically tessellated to sub-pixel triangles).Raytracing has the same problem it has always had, it is not good at being fast for primary rays and (approximate) shadow rendering for scenes without lots of subpixel polygons... and that's still pretty much what we are doing in real time as far as visibility goes. Once we go down the path of subpixel geometry and non precomputed GI the time will have come for raytracing.