Interesting to note that most of the screenshots of the upcoming games such as Crysis are DX9. So all those in the forums pimping DX10 can quit it now...or not knowing the fanboys. Most of the changes in DX10 seem to be built for performance, ease of programming, and better stability. It'll translate to better graphics but it doesn't seem like it will be as big of a boost as from DX8 to DX9 quality wise. One thing that popped up was the fact that the increased efficiency should allow for more objects (grass, trees, buildings, etc) being presented to the player. This should really help out in the realism department. The MS guys even admit that DX10 only games will take time so we're good for at least the next year and the DX10 only games will not be out for at least two years. So the really good stuff that takes full advantage of the new API's (like Oblivion and DX9) will be out in two years time.
ATI seems to re-iterate the ease of programming and efficiency using DX10. It's exciting to note the increased complexity of the pixel shaders may finally do away with one of my peeves in current 3d models used in games. That plastic look that you see so often, especially in MMORPG's.
nVidia tried to take a cheap shot at ATI implying the unified architecture from ATI won't perform as good as nVidia's. The final say on ATI's unified architecture of course will be held when both the G80 and R600 are released and we see which performs better in both DX9 and DX10. Though I'm of the opinion that we won't see much more than benchmarks for DX10 for at least the first half of 2007. Much like ATI, nVidia re-iterates the ease of programming and efficiency of DX10, which allows for increased performance.
Overall, DX10 seems like an API meant for the developers more than something that will greatly increase graphical effects and the like for gamers. It will allow for better graphics and effects but that is mostly due to increased efficiency rather than the implementation of new effects. While it sounds nice, I won't be holding my breath waiting for it as games utilizing DX10 will be a ways off.