As I understand it, Vista will come with the latest iteration of DirectX 9, which I think will be functionally identical to DirectX on Windows XP,
No it will be enhanced beyond DX9.0C found in XP closer to DX9.0X found in the X360, it is the currently pseudonamed DX9.0L and will be backwards compatible with some probably minor issues, while exposing new features of the Vista driver-resource access/management.
I believe the this is necessary because of the changes to the way Windows handles Graphics Drivers (more 2-way communication and offloading iirc), which requires a different architecture for DirectX 10 to fully exploit this.
Actually alot of those features will be added to DX9.0L according to MSDN, only a few minor items will require DX10, and those are the ones that require DX10 hardware to fully eploit them anyways.
Also, Paul Thurrott has tested numerous games on various Vista builds, ...[/quote]
Not really that informative, Extremetech's look provided more insight on the how and what, but everyone is still using the DX9.0 end of the equation on current builds, not on the Ultimate build, but that should mean that the level of backward compatability won't be lost.
http://www.extremetech.com/article2/0,1697,1989806,00.asp
http://www.extremetech.com/article2/0,1697,1972220,00.asp