We are going to see some amazing graphics from the next gen consoles, but if they aren't even capable of hitting Control levels of ray tracing, then I think we might end up seeing a generational gap between next gen and high PC really soon after they launch. I agree, a mid-gen refresh will be a must.
Theres still a LOT developers can do to improve rasterization. Even without any RT games developed from the ground up for the new consoles would look far better than anything available today.