ShaderFX now fully supports Vertex Shader operations for every material via the Vertex Shader Assembly node. This opens up a HUGE number of new possibilities for realtime shader creation inside 3dsMax.

You can now directly manipulate (and animate) the position of vertices inside shaders (including Texture Fetch). You can also use the Vertex Shader node to optimise your shader by doing certain calculations on a 'per vertex' level instead of 'per pixel'.

For example you can now do Specular Lighting per vertex instead of per pixel.

Or you could manipulate/animate UV coordinates in the vertex shader instead of the pixel shader to improve shader performance.