For me....
Animations, if the animation is great i can ignore pretty much anything..and i dont mean motion capture. This is a talent thing mostly but still. I think more devs should be focusing in this more than anything else right now.
Normal maps, once the artists get used to this feature ie GOW, MGS4 things are going to look amazing.
Lighting, raytracing is overated..it gives you sharp shadows and its cpy intensive. Shit pixard didnt use raytracing till very recently. Faking shadows is fine with me. What needs to improve is the materials with translucent properties work in light examples: Skin, glass, clothing, liquids etc etc. But again this is all icing.. improve gamplay and animations first!