You are kidding yourself if you think plenty of PS4 and XB1 games won't take advantage of prebaked lighting this gen. Just because you have more power this time around doesn't mean that there is no longer a need or a desire to fake certain things. If it makes the game look better devs will fake things where necessary.
Panties in a bunch much? You sound like you speak for MSFT.
This is huge, game changing huge. I'm going to assume MS had to take this feature out to make room for the eSRAM on the die. Meanwhile, Sony took the higher latency hit of the of using GDDR5 but are making it up via tools such as this. A great article on how Sony overcame bottlenecks on the PS4 can be found here;
http://www.gamasutra.com/view/feature/191007/inside_the_playstation_4_with_mark_.php?page=3
It's been proven hundreds of times that GDDR5 latency is not higher.