BTW on the graphics front still to come
Shadows technology
EVSM
Exponential Variance Shadow Map, is a recently developed technique to produce soft shadows, with penumbra and other features (such as the possibility to apply trilinear sampling) that greatly improves the realistic appearance of shadows. The downside of this technique is the increased use of memory.
TXAA
Temporal Anti-Aliasing is a new technique developed and available (for the moment) on nVidia hardware only. As the name implies, it's a technique that has the best effect on moving scenes
SMAA T2x
SMAA (Subpixel Morphological Antialiasing) T2x is a new technique with "temporal" features similar to TXAA, which can enhance the visual quality of moving scenes.
More info to come.
Transparency Supersampling
DX11 MSAA improvement that switches over to evaluating alpha test per sample, instead of per pixel.
"Bokeh" DOF (depth of field)
"Bokeh" is a way to describe the off-focus parts of a picture.
As opposed to plain "gaussian" blurring, "bokeh" blurring has a more natural look since it resembles the way actual real life photographic lenses behave when reproducing off-focus parts of a picture, such as the background.
"God Rays" / Crepuscular rays
"God Rays" is a special effect that "visually reproduces" the passage of rays of light through a medium, such as fog, mist or simply humid air.
It greatly adds depth to the scene and gives a better perception of movement of either moving light sources (relatively to static objects) or moving objects.
It's currently being developed as part of a new fog system (see particles system).
New Water Reflections
More info to come
New Particles Management System
Possibly related to the new Fog System. More info to come.