While the next major revision for DirectX is not expected until Longhorn’s launch, Microsoft’s DirectX group has been briefing developers on what’s in store for “DirectX Next” with presentations at Microsoft Meltdown and other developer conferences. Recently, this presentation was made available to the public via Microsoft’s Developer Network. The intent of this article is to give a more thorough treatment of the features listed for inclusion with DirectX Next and hence explore the types of capabilities that DirectX Next may be offering.The article can be found here at Beyond3D
DirectX Next Early Preview

Beyon3D has made an article about the next version of DirectX, which is planned for somewhere in 2005: