I totally and utterly disagree with you. Direct3D is not wringing out sufficient levels of performance out of our GPUs. You only have to look at the PS4/XB1 GPUs to realise that. There needs to be a lean and mean API. Why should consumers spend their hard earned money to have OS system software screw it up. Look at Sony and what they extract with libGCM. MS aren't really that bothered with PC gaming since the Xbox. SteamOS I will be migrating to as they seem to be more interested in PC gaming and a protest vote. MS I'm gonna give you a bloody nose

Windows 8, Surface and phone MS you're gonna have a big bloody nose.
Well, I think the desire to move to a lower level is symptomatic of a misunderstanding of high-level architecture, or a poor implementation thereof. Like I said, PC devs are in rough shape because neither API is what I would consider "good." You're right, neither D3D nor GL expose the raw power of modern GPUs. But moving to a lower level is only the base reaction to that deficiency. It's not a long-term nor is it a smart solution.
The right solution, as it always is, is to build the
right high-level architecture. Many people equate high-level with non-optimally-performing. That's only true of the
bad high-level architectures. Take c++, for example. While I wouldn't call it a perfect language, I can use it to generate literally thousands of
optimal assembly instructions using only a few high-level lines. Devs don't write games in assembly these days because they wouldn't gain a significant performance advantage over a knowledgeable c++ engineer. The fact that such is not the case when it comes to, for example, D3D/GL vs. hardware-specific or console-specific APIs is, again, symptomatic of a design failure.
The way I think of it is in terms of the future. Will devs in the future write hardware-specific, low-level code? Of course not. That's why I call it a step backwards. It may be a temporary "patch" to boost performance, but overall I think it's another failure to design for the future

I wish one of the vendors would start trying to build for the future!
Maybe nVidia and AMD should collaborate on a separate high-level API. If this lower level (note I say lower) API can deliver more performance on same hardware why not. From the looks of it is going to be embedded in quite a few engines.
Yes! Collaboration by the "greats" on a new high-level, cross-platform API would be, in my opinion, one of the healthiest things that could happen in the industry right now!! I'm sure politics is what's keeping us from that
