That was basicly my idea, but that Deferred rendering is problematic with DirectX 9 ist something I donīt think, although in DirectX 11, it is of course an advantage that one can for example directly use the depthbuffer and donīt have to generate your own depthmap. Lightprepass rendering, which is what all those current deferred rendering implementations with those high light counts are about, is actually kinda THE technique for good results on the current generation of consoles.
But yes, DX11 would be a great step forward. Performance and feature wize. I think that there is more possible than we can imagine at the moment, as so far no game even slightly used the given possibilities.
And again, also donīt forget the power of geometry shaders. They can be great for things like fur, but also for example arbitary formed bookeh effects.