Let's put it this way - my trusty old Voodoo 3 2000 could render something like that. It'll just take longer. Maybe. I dunno.
It's a nice render, but involving your graphics card into it has made it flamebait and skewed the topic.
Let's see... Constructively, I guess I could say that you appear to have lens defect effects on the engines of the fighter, but not on the points where the beams originate. It's not a big problem, but it might be better being consistent and either having rays on all the glows, or having them on none of them.
Otherwise,

EDIT: There appear to be a few jaggies, especially around the demon (not surprising, seeing as it's FS2 texture resolution, so I'm not blaming you). This might be alleviated by a higher level of anti-aliasing.