DirectX 11 has been "confirmed" to release no later than Winter of this year, at least by ATI. Nvidia has yet to unveil their line of DX 11 cards but that doesn't mean for sure they don't have them, in the works anyway.
DirectX 11 for many people was what DirectX 10 "should have been", and bringing needed performance instead of taking needed performance.
Now we need to compare what DirectX 11 can actually do:
A console screenshot, basically based around DirectX 9 or similar:

DirectX 10:

DirectX 10.1:

DirectX 11:

DirectX 11 is probably the best looking out of all the references, but given it has been 4 or 5 years since the PS3/Xbox 360 launched it's only a given that technology has grown past something so long ago. DirectX 11 as you can see seems plenty more of something you would see in a cinimatic than the console shots where it's noticable that is real-time graphics. Sure graphics nowadays seem more like 3D movies but they were quite "there".
Let's just hope that DirectX 11 will be the first true "there" attempt.
Well that is it for now. Thanks for reading!