And 5.4 will be the first version where they find a way to reach 60 fps with Lumen using HW raytracing on consoles in typical scenes(At least PS5 and XSX and maybe XSS).I don't think there's a consensus, and I don't think there should be. There still aren't many UE5 games out, especially not AAA ones. On top of that, UE5 is not a fixed engine. UE5.4+ are going to have major rewrites to things like the render thread to improve cpu occupancy. Games coming out are from a variety of UE5 versions from 5.0 to 5.3. Only Fortnite is 5.4, but we don't know which improvements it includes. There's a tendency to look at a couple of games and say, "Engine x is good/bad." But there's a lot to the skill, resources of the developers that impact the game, probably more than the engine.
Hardware Ray Tracing (HWRT) mode in Lumen has a number of quality and feature improvements over Software Ray Tracing (SWRT), but is not currently practical for 60fps gameplay on next-gen consoles. Performance improvements for HWRT are underway with a goal of achieving 4ms per frame in typical scenes, which would match the budget for Lumen SWRT running at 60fps.
EDIT: They have too in 5.4 many others features and improvements like virtual shadow maps performance improvement, Nanite dynamic displacement, improvement in Nanite - Spline Mesh(in beta in 5.3), Nanite - Optimized Shading debut, Next Generation Terrain Solution, Heterogenous Volumes - Deferred Rendering...
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