Disagree in general. RT is not efficient in integrating the whole visible half space of a given sample point. For that a simplified representation of the scene can give results faster and even more accurate.Anyway I have serious concerns about Lumen&Nanite:
Lumen is born to run on platforms that lacks dedicated HW for pathraytracing, and Mesh Shading, using only compute units, so leaving in the dust Nvidia from RTX 20x0 to the new RTX 30x0, Xbox Series X, AMD Radeon 6x00.
such as Android, Xbox One, PS4 and maybe PS5 (Cerny said RT runs on hardware, but never said a word about dedicated units, so could be it run on compute units)
Not sure if that's the case for Lumen, but they have overall better quality and similar lag to Metro Exodus IMO.
So, if you want path traced lighting, and compute beats RT in a certain aspect, you would just combine both. They do not exclude each other. E.g. Instead tracing paths of 10 segments to capture 10 bounces, you would just trace 1 or two 2 segments and in the last hit sample the result from Lumen. You get infinite bounces and less noise in less time.
Mesh shaders would not help with subpixel triangles eventually. There is no need to draw triangles for a single pixel, and mesh shaders still are about feeding the hardware rasterizer which is not built for tiny triangles.
Mesh shaders options to enqueue work and transfer data through on chip instead main memory is interesting and could help to draw the remaining >1px triangles faster i guess, but there's not much of them.
So if we want, we could look at it the other way around: Epic has achieved more with flexible compute than others with new fixed function HW like RT and mesh shaders were able to, so far.
It is thus questionable what is left behind, or which direction is better. But we might need more flexibility on the hardware side so we do not run into incompatibilities and restrictions to hold things back.