may have been in the news before, but I wasnt aware the makers of "mentalray" are working on node-based graphical shader editor. I found out about it when looking at the fx composer 2.0 presentations where the program was mentioned.
it exports to Cg,HLSL,GLSL for real-time and C++ for MentalRay useage
more info here
http://www.mentalimages.com/2_4_mentalmill/index.html
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