Thanks for the input guys! I very briefly tried Zacam's config there, and it was actually quite an impressive thing. I played a custom mission I downloaded elsewhere (basically a big battle outside of a space station - Homecoming, I think it's called?). Anyway, with no emissive light, the battle was quite intense. At one stage, I finished taking out a small squad of bombers, then targeted the nearest corvette that was attacking one of my ships... I followed the aimers, swung around and... Nothing. Blackness. "Where's the ship" I thought - then I realised I was staring straight at it and slammed on the breaks just meters away from ramming into it. Just as soon as I managed to stop, the ship finished a slight rotation and I could then juuust see some of the lights on it's side from the glowmaps.
I tell you what, THAT was a bloody good little experience. I also tried destroying a colossus that was hidden behind a, oh what is it - one of the same class of ship as the Bastion - and that was similarly awesome. The bright flash was obscured by the ship in front, but there was just this strong glow at first, then as the large chunks of debris flew overhead it bathed the ship in a strong orange light. I took some screenshots but I'm at work at the moment.
Needless to say, it was just marvelous.