But i wonder if a DMD emulation actually should really feature glow.. in real life these things are actually pretty sharp looking.. (do not compare to -photos- of DMDs!)
Also all the monitor based commercial replacement solutions didn't go for such things but rather copying the original round look of the LEDs.. IMHO all one needs would be a monitor that can display extremely bright values to "simulate" LED brightness levels, the rest ("glow"/bloom) your eye will naturally take care off..
What is really missing in pinmame though is a high definition output, so that one gets real round LEDs and not just anti-aliased/doublesized rectangles, plus some high def segmented LED rendering..
Not to forget fading for segments (and maybe a tiny bit for DMDs, too)..
I did some prototype work for both of this, but its really super-unfinished (and i emulate the segments by abusing the DMD code, YUK!!)..
(and apart from that the monitor simulation in mame by now is really awesome indeed, no reason anymore to build cabs with arcade-TVs!
)
EDIT: oh, and to answer the original question: pinmame is also still based on DX7, so no shaders/HLSL there.. 
EDIT: as a teaser, here the round LEDs (along with tweaked brightness levels)
Edited by toxie, 07 August 2013 - 01:53 PM.