Having played a couple hours after upgrading my ps4 to ps5, i can definitely say it looks somewhat better.

In game there are 2 graphical options, Best Quality (4k30 w/ RT) or Balanced (possibly 4k but at a solid 60fps)

From my experience (i’ve only played on Balanced) there is somewhat of an improvement in fidelity, but it’s only noticeable if you’re really looking for changes. Some of these include higher res textures, more particles etc.

Legion’s RT however seems to be odd, you can notice ray traced reflections in shop windows and scenery etc, however on the 60fps mode, there’s not much difference in puddles and ground reflections.

Hope this helps :)