Assuming AVX512 F, CD, VL, DQ, and BW (the expected AVX512 instructions in CannonLake):
* AVX512F -- "Standard" 512-bit arithmetic already has major improvements, above and beyond the 256bit -> 512bit upgrade. AVX512 has 32-registers per core (when AVX2 and earlier only have 16). The new set of opmask instructions also allow for way more code to turn into "branch-free" code which is friendly for pipelines. This is already a major step forward alone with huge implications for multimedia code.
* AVX512-CD: Conflict Detection. These instructions allow auto-vectorizers to "resolve loop conflicts" and auto-vectorize more code.
* VL, DQ -- Extend AVX512 to Bytes, Shorts, Longs, Long Longs.
* BW -- Extend AVX512 to operate on only 256-bit and 128-bits at a time.
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I'm certain that some code, which could not be vectorized in AVX2 (or lower), will be vectorized with AVX512. Maybe even automatically as compiler writers implement high-level features / auto-vectorizers.