Once you upgrade your CPUs of the R720 to Xeon E5 V2, the PCIe will automatically switch to Gen3. I have two of these Dell R720, one with 2 x Xeon E5 V1 and one with 2 x Xeon E5 V2. I can see that one is running PCIe at Gen 2 and the other is running PCIe at Gen3.
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