Cube mapping can be easily done realtime, but it not very efficient. Try to make realtime water with a very large distance; no way Blitz can pull that off (I'm comparing to e.g far cry). Pixel shaders are essential, but as Jedive says; you just can't expect an upgrade to DirectX9, the whole Blitzmax development is being done as a preparation to a more flexible, extendible environment.
When is Blitz to be updated?
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