While 3D shockwaves are a fun feature, I recall that you need a set of shockwave effects to enjoy them properly - IIRC if these aren't found, the engine uses normal 2D shockwaves, or something. I'm also not sure if MediaVPs supply these shockwave effects (they should be available as a separate download somewhere on the forum, you could just dump these into your MediaVPs mod folder). Sheesh, one more thing on the list of "To include in MediaVPs", I guess.
There are also a couple revamped ship models that came out after the latest version of MediaVPs was released, but I don't recall which ones were these. I'm pretty sure one is the Fenris, though.
There's also the lighting setup you could tamper with a bit. Look at this, for example: this
Some of these settings you can change on the go in the Lab (press F3 in the main hall). Just remember that you need to select a background first. There's a lot of settings and sliders to have fun with.
If you feel like trying even more things out, I think you can use SweetFX or ENB to change your visuals even more. I think Darius was doing something with this recently, so better ask him