I actually did a little digging into after after playing Ratchet since it looked so good and tried to emulate it, but the downside is I can't code haha. But that article was interesting anyways. I tried to create a similar effect without code/custom shaders and well.. eh. Needs more work ;) I remember spending ages in…
I always assumed it was a mixture of alpha cards (for the wispy bits on Azimuth for example), and something done in code (much like this: http://www.xbdev.net/directx3dx/specialX/Fur/)
Pre-ordered this a year ago when they first showed footage. SO excited it comes out soon. Never played the other ones. This will be my first. But ya. Definitely excited for it.