I don't believe they've changed any of the capabilities of the various feature levels since beta. I don't know if there is a publicly available description of each feature level just yet (since it is still in beta), but I believe there will be better documentation available in the August SDK (which presumably will be out sometime this month).
The purpose here isn't to limit your specific card, the purpose is to make sure that your application runs well on as many devices as possible (we took a huge caps chart and turned it into 3 groups, so you can imagine we lost quite a bit of resolution there). If you want to squeeze every last feature out of your non-dx10 card, then you'll have to use DX9.