V 3.0: Lens flares & dirt, visor reflections / water droplets, god rays, depth of field, night & thermal vision scopes, dynamic wet surfaces with reflections, rainbows, volumetric light & fog, colored speculars and many other effects.
If ever released, this might become part of version 1.2.
See also in-game video:
Moddb.com
That's one of my favorites :-)