From a technical standpoint, it is what most people would consider a DX7 calss game(it is OpenGL, but it uses DX7 style technology for the most part however DX8 boards will increase the IQ a decent amount due to greater then 32bit precission on an internal basis) however it will use the features of DX8 and DX9 level hardware to reduce the number of passes the game requires. What takes seven passes on a GeForce2 may take four on a GF3/GF4/R2xx or one on a FX/R3xx(just as a general example, don't quote me on the exacts

).
Pretty much, Doom3 will take advantage of whatever hardware you have to improve the graphics up to a point and then to improve performance(not just because a board is faster, but also because it reduces the amount of work it has to do). No game we have heard about takes full advantage of DX9(luckily) as there isn't any full DX9 class hardware out there(that would require PS/VS 3.0).