As for "one year later", really if you think about it for STATIC scenes both ray tracing (RT) and rasterization (RZ) can scale the same.
RT depends on off-line pre-build acceleration structures for finding ray intersections. Likewise you can easily build RZ acceleration structures for static geometry to pre-cull hidden geometry given a viewpoint/region. One obvious current example of this,
http://www.insomniacgames.com/tech/articles/1107/occlusion.php.
For anything useful, ie highly dynamic, RT looses its scalability do to having to rebuild the acceleration structures for the ray traversal (a process which doesn't scale well). A few characters running around in a static indoor scene (quake) is not dynamic, try ray tracing an outdoor scene with trees where the wind is moving the branches and leaves.
This is a really important point to keep in mind in these discussions!
The theoretical O(log n) of ray intersection is all nice and fine[*], but if your geometry is animated (which tends to be desirable), then in general you need to process all of it to re-build an acceleration structure. And that processing takes at least... O
time. So as far as asymptotic run time, the O
dominates and the O(log n) is meaningless.
There has been a bunch of recent research in lazily building those acceleration structures, so you only do the work to build them in the areas of the scene that rays are flying through (see e.g. the Razor work,
http://www-csl.csres.utexas.edu/gps/publications/razor_tog07/index.html). But there is no (asymptotic) free lunch--the parallels to acceleration structures and the same asymptotic behavior as rasterization remain. (But that stuff helps the constant factors a lot!)
In the end, the state of the art in either ray tracing or rasterization is going to tend to lead to a small-ish superset of the visible geometry being processed during rendering. As such, IMHO, there's not really an argument that one or the other has an advantage on the asymptotic scaling side...
-matt
(My opinions only, not those of Intel.)
[*] If you want to be really pedantic, I believe that the O(log n) has only been proven if you use O(n^5) memory to build an acceleration structure. Which is, uh, not feasible. The observed behavior tends toward O(log n) in practice, but I don't believe that it has been proven that the regular ray tracing acceleration structures (kd-trees, etc) deliver that guaranteed asymptotic performance.