If you have anything less than a SM 3.0 supported card then forget it, it you want it to work on anything less, well truth is it won't...that's the intention - Josh has never kept that a 'secret'.
Just out of curiosity- who is the target market for this, other than people who want to muck with shaders? I can't imagine anyone using it to develop a game if the requirements can't be scaled back somewhat (and I'm talking in terms of card requirements, not how detailed each of the effects are).