Microsoft will start talking about DirectX 11 in less than two weeks. Sources have confirmed that Microsoft game technology conference, previously known as Meltdown and now renamed to Gamefest 2008, will be the place where Microsoft plans to officially announce DirectX 11.
This conference takes place on the 22nd and 23rd of June in Seattle, Washington and it will set you back $550 if you register online.
The big feature of DirectX 11 is Tessellation/Displacement while it's also been heard that Multithreaded Rendering and Compute Shaders are part of it. DirectX 11 also brings Shader model 5.0 but not many details are known about it.
It looks like DirectX 11 will stick to rasterization as there isn't any mentioning of Ray tracing support.
Nvidia will also talk about DirectX 11 at its Nvision event / conference in late August 2008.