FSR is AMD's answer to DLSS, but the quality isn't quite as good. However the implementation is hardware agnostic so everyone can use it, which is pretty nice. Even Nvidia's users with older GPUs like a 1080 who are locked out of using DLSS can still use FSR in supported games. If you have an AMD card then you also get the option on the driver settings of renaming it globally for every game, whether it has support built in or not.

Ray tracing is present and works just fine, though their performance is about a generation behind. It's perfectly usable if you keep your expectations in line with that though. Especially in well optimized games like DOOM Eternal or light ray tracing like in Guardians of the Galaxy. Fully path traced lighting like in Cyberpunk 2077 is completely off the table though.

Obviously AMD has hardware video encoders. People like to point out that the visual quality of then is lower than Nvidia's but I always found them perfectly serviceable. AMD's background recording stuff is also built directly into their driver suite, no need to install anything extra.

While they do have their own GPU-powered microphone noise removal, a la RTX Voice, AMD does lack the full set of tools found in Nvidia Broadcast, e.g. video background removal and whatnot. There is also no equivalent to RTX HDR.

Finally, if you've an interest in locally running any LLM or diffusion models they're more of a pain to get working well on AMD as the majority of implementations are CUDA based.