Yeah but is it any good for games. ShaderFX was made by a couple of developers from Bioware who worked on Mass Effect etc.
Mental Mill by nvidia is free too but the output from that is a mess in comparrison. Plus if you use 3dsmax and shaderfx with Ogre and the ofusion exporter you can see the shaders rendered in realtime in an ogre viewport in 3dsmax, export Ogre optimized shaders and use 3dsmax as your level editor in Flow offering a lot of extra features not normally available elsewhere. Which is the main reason why I like it :)

3dsmax also has very good D3D shader support in viewports. OpenGL is fading fast these days.
http://www.youtube.com/watch?v=5fVsJDNrs34&fmt=18
http://www.youtube.com/watch?v=6IU-iZ7m2f8&fmt=18
Mental Mill by nvidia is free too but the output from that is a mess in comparrison. Plus if you use 3dsmax and shaderfx with Ogre and the ofusion exporter you can see the shaders rendered in realtime in an ogre viewport in 3dsmax, export Ogre optimized shaders and use 3dsmax as your level editor in Flow offering a lot of extra features not normally available elsewhere. Which is the main reason why I like it :)

3dsmax also has very good D3D shader support in viewports. OpenGL is fading fast these days.
http://www.youtube.com/watch?v=5fVsJDNrs34&fmt=18
http://www.youtube.com/watch?v=6IU-iZ7m2f8&fmt=18