You can program shaders in skyline, hlsl,cg,(glsl,gles when we open the openGL libs again)are all supported. you need to use your own hand written material to access the shaders and the material editor ubre settings will not work as you would be using own shader. The Ubre shader is itself programmed on Skyline so that shows what you can achieve with a bit knowledge
Dont underestimate DX9 most of the effect shown can be done on DX9, the only problem sometimes is reduced instruction set, but there are always other commands and trick tyo employ to get around any limitation. Lets face it Skyline has full GI and ambient normals on DX9 and still I can throw more at it! ( displacement, rim, glow, emissive still to add in when have spare time)
As for post processing there is even trick for this
I personally still think there is more scope for DX9.
What do I look forward to DX11-12?
Tessellation shading, DX12 faster pipeline(not supporting less than win10 at the moment)
A few more instructions to play with. Oh and to be able to add the nvidia post effects library.