> I would prefer effects being generated by the video card (Direct3D), not using the > super mega heavy hlsl.
HLSL runs 100% on your video card. Your CPU/RAM/HDD do not touch it at all (which is admittedly a marked contrast to traditional MAME). If your card is too slow, drop the resolution or get a better one. Cards that can run HLSL fine can be had for under US$100 now.