Disagree. Movies like Toy Story 3 and Rango among many others don't use path tracing and they look absolutely stellar even today. Path tracing is better of course, but RT GI does a good enough job.
You are boasting about RT GI but have only Metro to represent the consoles. It's such a crude approximation with limited samples being taken that it's completely mitigated. To compare an incredibly lit movie like Rango to any of these games is actually an insult. That Matrix demo doesn't come anywhere near the quality of Rango.
You have to keep in mind all the things that go into rendering offline that is just not happening on any future console hardware in the next 20yrs.
Significant rendering of curve primitives with vertex counts exceeding 20 or more (you have to evaluate the light loop for every vertex).
You need to take multiple casts to a single light source for soft shadows
You absolutely need a consistent FB resolution throughout the entire pipeline.
FX is simply way way off
Geometry detail needs to be significantly increased ALONG WITH normal maps on top of the geo.
Textures need to be 8k and they need to be for each part of a person. For example, 8k texture for head, 1 for chest, 1 for legs, etc..
Transparency is a big problem in gaming and it has to be solved if you want good FX such as water
Materials need to be more robust than just the bare minimum evaluations. Hair shaders are lacking at least 2 specular lobes to be convincing.
Layered textures and materials on a single asset is prohibitive for realtime GPUs, the bandwidth just isn't there.
I could go on an on but the jist is that consoles/GPUs just don't evolve fast enough with enough power to approach offline rendering of today. And if it does, it will happen with PC GPUs before consoles.