A couple of things...
Technology development isn't inevitable. It's piecemeal, it's progressional, it's historical, and it's driven commercially through competition. And, for it to make much sense at all commercially, it's got to be backwards compatible to a degree that makes it practical.
Part of the commercial allure that creates the wealth necessary to drive the technological engine is the concept of "new and improved." I see nothing wrong with this approach at all, only provided that what is new is, in fact, new and improved in reality.
I get the sense in reading some of these posts that people are unhappy because "the ultimate" in technology isn't ever presented to them conveniently. Yes, it would be great if tomorrow I could go out and buy the Ultimate CPU or the Ultimate GPU in that either was so incredibly well designed that it could never be eclisped by latter products. To a certain extent I can understand the reluctance of people to respond ecstatically whenever a new & improved version of the D3d API comes along, in tandem with newer and better products designed to support it. But, this kind of thing is the nature of the beast, imo. Progress is the wheel on which technology turns, and incremental progress is the *only* way the wheel can turn. The important thing, I think, is that progress doesn't start moving in reverse. DX10 is but a small, but significant, step in the right direction. It is not nirvana. Indeed, were technology to ever reach such a plateau then forward progress would stop and that's what is to be avoided.