It's possible some hardware already does overlays, given that the talk I linked above was 2 years ago. I haven't researched this carefully.
There's a bunch of stuff in the interface to support video and also integrated 3D content ("create swapchain for composition"), but I don't know how well it works. In my experiments and reading through the Chromium bug tracker, Microsoft's implementation of all this stuff is far from perfect, and it's hard, for example, to completely avoid artifacts on resizing.