I'm using...
-32bit (to play in true colour)
-t32 (to enable my 32bit textures)
-htl (since non HTL will crash on the fs_open_t build, and since its playable now (although still a bit buggy) to improve my framerate)
-fov 0.39 (to make things look cool)
In order to see shine maps you dont have to set any command line options, though. Specular mapping is enabled by default (just put a blue sun in a mission and you'll see it all in pwitty shiny blue
)
If you dont have any shinemaps it will use the standard texture as a shine map, too, which, in some cases, looks pretty good, but in other cases (like the Boadicea i'm working on atm) simply looks horrible (aahhH! attack of the huge plastic asteroid!!1111oenone)