Since ShaderFX is new in Maya LT, I figure I start a thread and show a few things it can do (I'll just randomly pick a few things to start somewhere).
Anisotropic and latlong reflections:
ShaderFX is very customizable.
Most nodes are what I call "Group Nodes". Similar to e.g. compound nodes in XSI. For example you can go inside the Surface shader itself and poke around: