I just read about the “reference device’ device type in direct3D.
http://msdn.microsoft.com/en-us/library/windows/desktop/bb219625(v=vs.85).aspx
Does this mean I can develop and test (not performance, just visual result) a Direct3D 11 Application including fancy ShaderLevel5 stuff on any old hardware?
Is there an equivalent for OpenGL?
Yes effectively that IS what the reference driver does. Specifically it is there so that hardware rendering can be compared against it. If the hardware rendering does not equal the reference then this can indicate a driver bug (or an “optimisation”).
To my knowledge there is no reference driver for OpenGL, unfortunately.