Yes, DirectX12/Mantle/glNext will ring in some huge improvements on the PC side -- 50% performance improvement *easily*, 100% improvement or more in renderers/games architect ed to take full advantage of it, due to the much-improved multi-threading situation and how that impacts the simulation architecture and timing in typical games today. This essentially means that games that were once CPU-bound, due to the architecture required to get the most from GPUs, and necessary synchronization, are no longer so -- the "rendering thread" is no longer a 'long-pole' holding up progress on 3 or more other CPU cores.
On the Visual Fidelity side of things, PCs being unfettered by draw call numbers is a big deal, but perf improvements as a result of this will mostly owe, I think, to obsoleting all the nasty hacks and tricks that are required today to make a few thousand draw calls look good. The lower draw-call overhead is great--one could, in theory, keep jumping through hoops, use < 3k draw calls, and simply take the free perf given by lighter draw call overhead--but I think greater gains are to be had by rethinking draw-call strategy in the new paradigm. But it we do start using 10x or 20x or 50x draw calls as we do today on PC, we'll eventually eat up the CPU again, we'll just look prettier doing it.
And of course GPU-bound scenarios will mostly remain so -- D3D12 might gain some ground due to finer grained resource management and re-use on the GPU side, and it might alleviate some scenarios that currently require extraneous buffers/copies or round-trips to the CPU and back, but at the end of the day not even a secret pact with Satan will squeeze any more FLOPS from the shader cores.
What I don't agree with is the many fanboys postulating that D3D12 is going to bring similarly large performance benefits to Xbox One, which is something I see all-over places where armchair developers congregate. It'll be positive for many reasons, some of them (smaller) performance reasons, even -- but D3D12 won't be the end of PS4's performance advantage.