DX10 - Too far off to say still. We just recently saw the introduction of the 7xxx line from nvidia, and DX10 won't be supported at least until the 8xxx generation, and may only be supported on Vista, which won't even be available until the end of this coming summer, at the earliest, and may get delayed or require patches/debugging before it is a viable platform, so I don't think it pays to put off getting a decent video card now in speculative anticipation of DX10 support.
Socket M2 - In my opinion this doesn't offer enough improvements over Socket 939 to be worth waiting for. The only initial difference is DDR2 support, which really isn't likely to have much of an impact on performance. Future chips for M2 might include Pacifica (or whatever that virtualization thing is called), which might make it worthwhile, but only if you currently run multiple OS's or want to run multiple OS's. Otherwise socket M2 really makes no difference. Personally I wouldn't skip socket 939 for M2, although once M2 comes out, if you're building a new system I would recommend choosing M2 over 939.
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