Hm, there are several kinds of "bump" maps, and most of them use normal maps on current games.
The "DirectX 8" one you're mentioning is probably Environment Bump Mapping, or perhaps Emboss Bump Mapping, both of which are "fake" bumps, and have to use normalization cubemaps so your detail level isn't awesome, but for most maps you won't notice. Full normal maps require real fragment programs (a.k.a. pixel shaders), and also use normal maps, but since you can normalize the results on the shader you don't have the limitation in normal directions that you get from a cubemap.
Now, there's also
Parallax Mapping, which can yield some awesome results when combined with Normal Mapping, and it's very simple to implement, and this one does use the greyscale height maps we all associate with "bump" maps. This one can only be implemented through fragment programs.
I don't have much experience with Direct3D, but the shaders themselves are
very simple and I've implemented all of them, and with a nice recent 3D chip you can do everything in a single pass. If the SCP guys ever upgrade the code to DirectX 9, I'll volunteer to code all the shaders for normal maps, parallax, and I'll even throw phong shading and reflective maps in for free, and just about any other shader people are willing to make the textures for.

Now, for self-shadowing bumps you'll need
Horizon Mapping, which is a whole other deal. Never implemented this one, but it can't be all that hard, I guess. I just think it has heavy texture usage - you need one map for each quadrant of the viewing direction, I think.
If you guys want to go really postal, there's also Polynomial Texture Maps (high level of detail, a pain to make the maps) and Spherical Harmonics (lots of pre-processing, can create some nice global illumination effects). But I don't think anyone will be making those kinds of maps for FS2 models.