it's not as good as pixel shader 2.0 = true
it's fixed function = false
it's fairly limited = partialy true. I have a geforce fx graphics card and so i can't really use my pixel shader 2 abilities in most games because of the fact nvidia messed it up. I play oblivion with a mod called "oldblivion" which is really a loader that modifies areas of memory at runtime to use pixel shader 1.x instead of 2.0(a). The game still looks pretty beautiful and runs a hell of
faster. That's a testament to how decent shader 1.x is.
I would say that if we had any graphics person on board who knew/had the time to program shader support for opengl for fs2_open, we could get
of new and better effects and make the ships look a lot better, even with only shader 1.x. The game looks great without ANY shader support ATM, but shaders would really be huge.
On a related note, i got the author of the Doom "Bloom" mod to take a look at his code to see if he can get it to work with fs2_open, so we may be able to bring a HDRish type effect to freespace 2 for nvidia cards. (this makes ships going into subspace look a lot better, and lasers look better, for one)
Hopefully the effect will look closer to HDRish lite.