To answer one of the questions the OP asked in a comment:
"So who should be the main culprit? Polygon level or ray tracing?"
This question is more difficult than it looks. I think a good rule of thumb is the following equation (which I made up by the way):
number of calculations = {polygons} * {light sources} * {effects}
Basically, this means that for models with relatively few special materials (i.e. no mirror, subsurf, etc.), the computation time will be large determined by the number of poligons. This is usually the case for very simple video game graphics.
In practice, however, in newer high-end games and especially movies, the culprit is "usually" ray tracing. Why? Well for two reasons. I'll give the mathy reason first, and then my opinion of the real reason at the end.
Mathy reason:
Update: This mathy explanation may not be completely accurate. Please see CrazyCasta's explanation in the comments for more details.
Suppose you have 1000 polygons and 3 light sources. The smallest number of ray traces you need to perform is 3*1000.
If we over simplify the situation and assume that 1 ray trace = 1 calculation (a gross underestimate) then we will need 3000 calculations.
But now lets suppose you want have reflections too.
The default settings for reflections in the freeware program Blender are:
max reflections = 2
ray length limit = None
...
For these settings we can guesstimate that, in the best case scenario, this super-simple reflection will double the computational cost of your model.
But like I said before, this example is very-oversimplified, and you can find a great many effects (besides the ones I mentioned already) that will shoot your rendering time through the roof.
Case and point: try to render reflections with gloss=1
(the default in Blender), then turn the gloss down to 0.01 and compare the two rendering times. You'll find that the one with 0.01 gloss will be much slower, but the model complexity hadn't been changed at all.
My qualitative but more realistic reason:
Increasing the mesh complexity will only improve the model quality to a point. After going past a couple million faces, there really isn't a whole lot that adding more faces will do. I'll even go so far as that say that if you use smoothing, you'll be able to get away with just a couple hundred faces for most general purposes.
But the things that almost always make a difference are the lighting, material effects, and ray tracing. That's why movies will tend to use a great number of these in an attempt to approximate the beautiful complexities of the real world.
A great way to get a feel for all this stuff is to look at the cast list at the end of the latest Disney feature-length animations. You'll probably be surprised by just how many lighting and texture people they have.