I think that the ray tracing on the current RTX cards is actually rather good assuming that the game has been appropriately developed. The first version of Battlefield that supported RTX was awful because it was rushed in my humble opinion and when they were trying to use ray tracing they were virtually ray tracing everything on scene which is a little un-realistic. I am not saying there is no room for improvement on a hardware level, of course there is and the next generations of GPU's will yield better performance. What I will say is that I have been relatively impressed with the later ray tracing implementations in games, the earlier ones were very hit and miss. I do not think AMD will bring the hurt this time round, and they have a lot to catch up with, not only ray tracing but as you say they need to up their raster performance and of course their VRAM count. I understand they went with HBM/HBM2 but in all honesty what is the point in all that bandwidth if the game actually needs raw space, not speed. Strictly for gaming use, I am still waiting to see a real world advantage to HBM...That or I am just blind lol.
Supposedly the new amd navi 23 will be able to compete with or even beat the 2080/2080ti, BUT that's either THIS generation(the super) or even the first generation cards they're talking about,so it leaves room for nvidia to still be releasing a new generation that'll be wiping the floor with it(sadly). It WOULD be nice to see team green get some real competition to make them treat the consumers right again and make them start sweating a bit.
Well hopefully they can start amping up their game. Unfortunately the fact they can match or beat the 2080/2080Ti (IF they can) will not be a selling point they want to tout, nothing good by pointing out your new tech can only just match tech that's a 1 Year + Old lol. I just hope their marketing does not go in that direction...I have seen some odd things.