I've looked through some of the graphics code and somewhat figured out how things work together, so I thought I'd report on what I found and what I want to do about it to let everyone know and get some opinions on what I plan to do.
The renderer works and looks great overall, but is currently scattered between not less than 3 different places. Parts of it are under 'renderer', parts are under 'graphics', and the glsl has been dumped in with mods, which some of that should certainly go there but a lot of things definitely should be moved into the engine proper. I'd like to simplify the organization and keep all the graphics-related stuff that the engine should handle directly all in one place. That includes the GLSL, which needs JIT compiling and will need a new home in the engine. On a related note I think that maps should also have an option to include custom shaders, so that people can add things like fireflies to maps, for example.
The renderer is also an ad-hoc mixture of GLSL and some non-GLSL stuff that is most definitely not very efficient. Overall the renderer performs excellently for the level of effects it produces but I think it could be better both in performance and effects. The admixture of code is bad for maintainability though, and I think the renderer should be moved entirely to GLSL. There was already a discussion about that 4 years ago and everyone seemed to agree that dinosaur cards weren't really worth supporting for all the downsides.
That said, what I'd like to do is move everything also to OpenGL 3.1. The oldest/cheapest graphics cards you can buy today (ie GeForce 200 series as well as at least one generation earlier than that) support GL 3.1 and so do the vast majority of all embedded cards that have been produced since 2011. GL 3.1 allows for MRT, non-hardcoded conditionals, loops and other features which are useful for producing efficient renderers. I do not intend to use openCL, as not all cards (nor mine) support it (and it tends to be used for super expensive stuff anyway).
Another thing is graphics options. I think a lot of things that are currently optional should either become defaults or removed. For example sky rendering isn't even visible in-game unless you hack the camera, and although sky is used in water reflections sky rendering isn't necessary for that to work. Lots of things that are optional also are trivially cheap and thus don't warrant options. Reflective/refractive water and 'use real water depth' fall in that category. Some things which are currently expensive (the shore waves part of HQ water, mainly) could probably be considerably cheaper than they are now, and may eventually end up in the 'trivially cheap + definitive aesthetic gain' list.
FYI my current hardware is a Core i3 2120 with 4GB of RAM + Geforce 240GT with 1GB of DDR3 (not even GDDR). It's fairly old and low-end, and I'm also running at 1080p so I think the setup is pretty good for performance/generality testing (ati cards notwithstanding).