Nvidia has released a comparison video on youtube which displays some of the effects available when enabling PhysX. In the video below you will see extra debris such as glass or newspapers as well as smoke that reacts to the player as they run through it.
Furthermore, there are some DirectX 11 screens floating on the web. The first image is without DX11 and the second image is with DX11. Arkam City utilizes tessellation to increase the detail of certain objects in a scene. In this particular example you can see how the vegetation in the background is more detailed when taking advantage of DX11 effects.
Unfortunately, the PC version of the game has been delayed to November 15th.
Source: geforce.com
The flying paper looks really distracting. Other than that it looks mostly the same as AA PhysX wise which means after few minutes you won’t notice it. As for graphics? Eh, looks like AA to me. Tesselattion has been highly disappointing in games so far, only really noticeable in screen shots.
Only difference tessellation made for me was the round valves (instead of multiangular) in Metro. lol In general though it is indeed like AA, which is by no means bad if you ask me.
I can see how PhysX adds nicely to the graphical effects like debris and smoke/fog, but other intricate details are barely noticeable.
The glass is the only think new from AA and that looks neat, but honestly I was more impressed with what their APEX physics did in Mafia 2 and Just Cause 2.