Last I heard (which was I think the most recent live letter) they're going to be showing a side by side demonstration of the current [PC] version of the game up against what should be the nearly complete DX11 client at the upcoming Tokyo Fan Fest. People can then finally see how much (or little) the upgrade will encompass. At this point it's mostly speculation. Moving from DX9 to DX11 essentially just adds to the potential of what they can do. It could technically just be a stability improvement -- something that I'm not sure this game really needs badly as I've heard fairly little about client side problems.
More likely, it will include performance benefits to most systems built this decade, and provide slight to moderate graphics tweaks. I'd say graphics improvements, and they probably will be, but some of the stuff might be a bit subjective. They've said specifically that they intend to improve shading and lighting, which could be a more substantial improvement than people imagine, or it could just be some barely noticeable tweaks. v 1.x had some very nice ambient occlusion that I'd like to see return (it was nothing like the pale substitute we have now) and obviously the shadows in this (or any) game could be improved upon.
That they've specifically said they want to show off the new client side by side with the old could mean one of two things. Either they're really excited to show you just how much better it looks, or the difference isn't readily observable without the old client right there for reference. I'm hoping for the former.
