I had assumed that Pixar did not use ray-tracing because it could not provide certain desired lighting effects. Now Dad tells me that Monsters University is Pixar’s first ray-traced feature, which implies that the speed wasn’t available until now.
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I imagine Pixar preserves the code from which its past movies were made. If ray-tracing gets cheap enough, I hope they’ll all be reshot, frame for frame.
How faithful a remake can be is an interesting question. What effects would be spoiled by ray-tracing?
You’d see the camera every time you look at a shiny surface.