DirectX 12 finally unveiled (well, sort of...)

I was watching PC Perspective's live coverage of Microsoft's DirectX12 event today and I was pretty impressed by the fact that DirectX 12 will NOT require new hardware, yet will bring notable performance improvements to the platforms where it is present.

What do you expect from DirectX 12? What do you think are Microsoft's plans about DirectX 12? What might this mean to the future of gaming?