Right now, the M15 limited runs every 5 minutes at peak, and the local also runs about every 4 minutes. The problem at such headways is reliability, since any delay will cause result in more people, and thus more delay, at subsequent stops, until you get 5 buses running in a pack. BRT will help mostly by making running time more predictable, if the separated lanes are done properly. And off-board fare collection, if they ever implement it, will allow for much faster boarding, also improving running time significantly. But how much can you increase capacity on a bus line? 25% maybe. And that's still nothing compared to the capacity of a subway line. But even the Second Avenue line will have rather limited capacity, since it will only have a local train, and even that will initially have to share the Broadway express tracks. So the subway capacity can only be improved by about 25% as well. And that's assuming they build the thing at all, which they haven't started doing yet, and it's far from certain that they ever will. After all, they've been promising that subway for at least 50 years.

more than 25%. Remember that the BRT trains are almost 2x the size of the IRT trains, and consequently hold about 2x as many people.
An IRT train is 510 feet long, a BMT train is 600 feet long. The IRT trains are 8'9" wide, the BMT trains are an even 10 feet. The difference in area is about 33%. So the total capacity increase will be something like 33% instead of 25%. Not that huge a difference. The main problem is that they're building only two tracks on Second Avenue, and that the service on those two tracks will have to share the Broadway express for a long while.