Ray tracing is not a 'generic term', and has a very specific definition. Ray tracing is where rays of light are shot out from the camera (so far, no different to GPU rendering conceptually), and then as each ray hits an object, more rays are shot towards light sources and other rays are shot to simulate reflections, etc.
Ray tracing is not 'just high quality' as tir implies, nor is it just any rendering type which is capable of reflections, refractions, or caustics, all of which can be trivially done with DX10 shaders, well short of true ray tracing. Photorealistic ray-tracing of non-trivial scenes takes hours or even days on standard CPUs, so I don't think even GPUs can bridge that gulf quite yet.
Now I don't actually have a clue whether the graphics demonstrated in these videos is true raytracing or simply an incremental improvement in traditional GPU techniques, but all of you should do some research before posting such strong statements...