http://www.lumonix.net/frames_shaderfx.html
its still in beta
trying it out now, will let you guys know if its any good.
Shader FX is a full-featured real-time shader editor for 3ds Max. It allows artists with no previous programming experience to build complex HLSL FX shaders for use in Max's viewport and in external game engines.
Build right into 3dsmax, it offers a gradual learning curve to .fx shaders for artists who are used to the 3dsmax material editor.
ShaderFX's powerful schematic interface lets you quickly assemble shaders that support complex effects such as parallax mapping, fresnel fall-off, and cube map reflection, all by simply connecting nodes together. Your shader progress is displayed and updated in 3ds Max's viewport as you build the shader so you can always see your results in real-time.
Once you're happy with your results, you can use your shader in the 3ds Max viewport, or you can also export your shader in the popular HLSL FX format for use in other applications and game engines.
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We're very close to release - just a couple more bugs to squash, documentation to finish up, and I'm also going to record some demo movies so people can see what it can do. A demo will be available on the day we launch. It won't be long now.
-Ben