I don't have access to the spec for 1.4, but from what I can understand it's still a single cable that will do 4K 120hz HDR. Obviously it'll have to be a supported 1.4 capable cable, but that's the same as CAT 5 vs CAT 6
Dual link DVI is significantly old-hat compared to the newer DisplayPort and HDMI standards. A single dual link DVI cable can carry either half a 4K frame (1920x2160) at 8 bits per color, 60hz, OR a single 1080p frame at 10 bits per color, 60hz. To get a 4K 60hz display running you need to use two dual link DVI cables, which is insanely bulky. Plus you at best get 8 bit color out of it, and no audio.
The latest HDMI standard can do 4096x2160 60Hz in deep color (12 bits per color).
DisplayPort 1.4 has a higher maximum bandwidth than HDMI 2.0 (31.4 Gbps vs 18Gbps). This allows it to do 120Hz, deep color/HDR or carry multiple 4K streams (multiple monitors or 3D) on one cable. It's by far the most advanced standard out there for consumer video transmission.
Source: I'm an engineer working with video systems, and Wikipedia