from what I could see here :
http://www.windwardmark.net/products.php
and here too
http://lindenlab.com/press/releases/05_21_07
LL acquired licences on both WindLight, which is what we are given to play with now, and NIMBLE too, which handles volumetric clouds and integrates to windlight technique.
Seems that NIMBLE or the SL NIMBLE part is still in development so no wonder why so far there still are no 3d clouds like before, but OMG looks at this :
http://www.windwardmark.net/products.php?page=nimble&sub=technology
and do stop crying about a crappy viewer that was only designed for crawling creatures

, lets just be patient and remember this IS firstlook, meaning this is just a glance at what is still in the papers and brains
What sounds even more exciting is that this all is going to go OPENSOURCED, and I just only can applause LL for having made this choice and bringing another high end patented technology to the community ! I can't imagine what kind of improvements will see the light when the whole community works on developing it.
This was for the good part, on the draw side, I want to repeat here what I said about presets.
WindLight comes with a variety of sliders to make your scene look good. Using these looks a bit non obvious at the first approach, but I guess one can achieve good things if they take the time.
What seems to be real important to me is that the default and presets available out of the box when a newbie discovers LL for the first days, or when anyone discovers Windlight as the new live lighting system, well those defaults and presets should be done so that textures of things and avatars in world appear with a correct exposure , with no need to tweak things for the user.
This sounds particularly important to me, beeing running a visual based buisness in SL, and I think it is, generally speaking, so that the average new user feels visually comfortable and doesn't need to think "oh there must be some setting somewhere, my light is strange" , but rather thinks "OMG this world is beautifull, I want to see more, lets walk there oh and oh ! "
From a more buisness point of view, I think commercial sim owners should be granted the power to override people settings when they arrive in the sim, so that products are correctly exposed, but with letting to the user the possibilty to play with his settings if they feels so. Like, when you jump in the place, region has priority on your settings, but you're free to revert to what you want.
About hardware support, I'm more divided. Obviously this is a step that makes you want a better card if you can't enjoy all the features. Good, but not everybody can or want. So yes, I do think that either it has to be made so that ,without vertex shading support, the global feeling keeps satisfaying for older or cheaper cards, or you have the option to revert to the old viewing system.
This said, visual aspect and related technology are and have always been in constant evolution, as long as delevopers do take care of backwards hardware compatibility, everyone should be able to find a balance between their wallet and the crazy technological pace.
Well globally my feeling about it is WOOOT ! Ty so much LL for the gift ! lets give it a tweak and polish, and oh the major issue with it is that I spend my time gazing at clouds instead of working ! I guess you *LL* are not going to make up for *my* late
