HWRT is important in the consoles if nothing else as training wheels for when it sees full use next-gen. But side-by-side, if you had one platform with HWRT and one without, the leap in visuals wouldn't be so constrained on the no-HWRT device to look dated or inferior.
This is nothing more than a testament to the brilliance of software developers in finding novel solutions, and I'm glad it's got the attention it needed to develop instead of going straight to HWRT and missing the compute-based software alternatives. I think the continued investment in developing software-solutions will be valuable in informing better practice of the hardware-assisted options, including designing better hardware.