Yeah it's pretty weird. Back in D3D9 days, things were confusing because there were cap bits. With D3D10 MS made everything dead simple, but required Vista and new hardware. With D3D10.1 and D3D11 things got more complicated since there were feature levels, but this was still better than caps bits. With D3D11.1 and 11.2 caps bits are back (but there's still feature levels!), they require a new OS version*, and things are more confusing than ever.
*Technically D3D11.1 was back-ported to Win7, but in a extremely limited way. They basically back-ported everything required for new Direct2D functionality so that IE could use it, but didn't back-port the new D3D functionality since it was tied to a WDDM version. This meant that the new 11.1 interfaces were available, but you couldn't actually use any of the new stuff exposed by them because the 11_1 feature level wasn't supported. So yeah, confusing as hell.