Here is a partial list of real-time shader features that can be achieved with ShaderFX shaders:
Texture Maps
Normal Mapping
Subsurface Scattering
Perlin Noise Procedural Textures
Detail Mapping
Detail Normal
Reflection
Refraction
Light Attenuation
Fresnel fall-off
Parallax Mapping
Bump Mapping
Relief Mapping
Up to four dynamic point lights
Vertex Color and Alpha
Alpha Test
http://www.lumonix.net/shaderfx.html