black and shiny
In the demo I played of Wolf, there were some more modern features than Rage had (deformable geometry, plenty of dynamic lighting and shadows from what I could see, much higher-res textures than Rage featured). Carmack's engines have traditionally been flexible enough to be used with a lot of different games, but they've definitely done some revamping on id tech 5 in order to bring what they want out in Wolfenstein. It definitely has more shaders than Rage did, though it's certainly not as shader-happy as Crysis. If the history of id engines is any indication, id tech 5 will still be of use on future hardware.
Now, as to whether it can compete with the likes of Frostbyte, CryEngine 3, UE4... in some areas, yes (deformable geometry, the amount of geometry it's able to process at any given time, the animation system), in other areas, no (no global lighting that I'm aware of, lower-res textures, fewer usage of shaders all around, probably other things I'm not aware of.) Over all, id tech 5 has it's uses, and most of what I've seen in Wolf holds up today... but in the end, other engines really do top it in terms of sheer visuals. Perhaps id tech 5 can be used in a way that it CAN compete visually with other contemporary engines, but I haven't seen it.