Projected Texturing
With the introduction of the vertex position node, it is now possible to create projected texture effects in ShaderFX 1.5. Projected textures can be used for things like caustic patterns projected on the bottom of a swimming pool, or a shadow pattern cast by foliage onto the ground.

The vertex position node can also be used to achieve other cool effects such as blending between multiple terrain textures based on the altitude, and creating three dimensional volume textures.