The move might have been a spoiler for Microsoft’s DirectX Raytracing (DXR) API and Nvidia’s DXR backend “RTX Technology” announcments. But the ProRender functionality is mostly for game and graphical development. The Radeon GPU Profiler (RGP) has not really been updated since December 2017, as it is AMD’s low-level hardware-based debugging/tracing tool for Radeon GPUs.
Anandtech points out that Radeon ProRender means that AMD is supporting real time ray-tracing mixed with traditional rasterization for greater computational speed. AMD's focus is on capturing many of the photorealism benefits of ray tracing without the high computational costs. This is managed by limiting ray tracing to where it's necessary so that it can can be done in real-time alongside a rasterizer.
AMD is not saying much else at this point and a proper press release will be coming out tomorrow with further details. MD has a GDC talk scheduled for Wednesday with the catchy title “Real-time ray-tracing techniques for integration into existing renderers,” and will look at ProRender in greater detail.
The new RGP, 1.2 introduces interoperability with RenderDoc, a frame-capture based graphics debugging tool, as well as improved frame overview. The update also brings detailed barrier codes, relating to granular regulation of graphical work among DX12 units.