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I love how everybody is down playing it now.... Let see... First I'm still waiting for the amazingly graphically better grown breaking game all that 50% more power on PS4 can do.... Not seeing... And no better resolution doesn't mean better graphics... Just.... Better resolution and when most people have average displays under 50" whoppitty whoops I ain't impressed...
Now DX12 will not revolutionize XBO capabilities those are fixed... But it WILL definitely improve development a lot... It's like saying a brand new high way won't shorten the distance between two points... Yeah true but it will make the ride more enjoyable and faster than one full of pot holes...
So yeah for devs it will mean easier work, more time, less cost, so more time more money to invest on more stuff= difference on end results... Not on max capabilities but on how much they'll invest time and money to get close to those...

And final point Sony improving API... Yeah sure and OpenGL becoming good... Why not still not where MS and DX12 can go overall... (not only on consoles)

So yeah nothing major, but still a nice boost we'll notice with good devs