nah thats pretty much it. A plane with a lens flare texture placed at the light location and set to always face player camera. Sometimes you can control opacity with a dot product between player facing angle and sprite location so the flare only shows brightly when you look at it directly. Starsiege (1999) had a sun flare…
which MMO? Most of the time it's just diffuse and specular color - and maybe normal maps if you're a crazy. I don't know how it works in FPS studios using Unreal - but from my MMO experience, artists don't build their shaders, you'll have maybe 2 to 3 to choose from and it's usually environment shader, character shader and…
You can switch to custom lighting model in material editor and build your shading from scratch. Nicely painted diffuse map coupled with proper ambient cube and vertex color for AO might be a good start. Using phong model with spec is heavy in itself and more lights hit the object, heavier it becomes. You want to get away…