AnandTech takes a look at what DirectX 11 has to offer, you can read it over here.
Microsoft has been rather aggressive with Windows 7 scheduling in light of the rejection of Vista, so it appears they are stepping up to the plate to get everything out sooner rather than later. There was a little more than 4 years between the release of DirectX 9 and DirectX 10. As it hit the streets with Vista in January of 2007, DirectX 10 has just turned 2 and we are already anticipating it's replacement in the very near future. As we will learn, this speedy transition should be very good for DirectX 11 adoption as DirectX 10 hasn't even become pervasive yet: many games are still DirectX 9 only.
But let's take a closer look at what we are talking about before we go any further.