Geez, Lightspeed, what did X2 ever do to you?

I've watched the demo video they've got and it looks MUCH better than retail. Bumpmapping is really the only big thing that it has over fs2_open, though. Otherwise they're pretty much neck and neck as far as graphics are concerned. (The lensflares on engines look nice, but I didn't notice a whole lot of envmapping going on...)
Edit: And yes, shaders. AFAIK shaders would let us implement bumpmapping and shadows have been done (But doing a *good* implementation of them would take a long time, and Bobb's busy with other stuffs atm)