basically, a 4x card is only going to be able to deal with Dirx9 on a software basis.
software version will play, but its mainly designed to use up to Dirx8.1c or below in its hardware verion.
8x, or the newer PCI-express versions, which are (i think) 16x are designed to work both. althought the older 8x types (Nvidias below the FX levels and Radeons under the 9550) are only going up to the dirx8.1 in hardware (i have a Ti 4800se running here, and its fine)
the newes ones and the ones above the levels i mensioned will go all the way past Dirx9 in hardware, which is supposed to be better.
so yeah, its just faster and better graphics i the main.
mind you, if your board only goes up to 4x, and you pop in a 8x, sometimes there can be problems
so if you ever upgrade just the card, better keep an eye on it unless the board is 8x