This does make the WiiU sound more and more like a 'souped up' X360. And for graphics, you really have to improve it great deal to be noticeable. Twice as much graphic power, will result in a somewhat/slightly better looking game.
I am skeptical about DirectX 11, but, if Microsoft would let them do it, would be a great way to make sure all third party software ran on the system. So developers would basically design for two systems: a DirectX version for Xbox, PC, and WiiU, and a Sony PS3 version.
Nintendo would probably have to share some revenue with Microsoft, but they might win out more in the long run, but taking many games from Sony.