Interesting. Do you have a link handy?
Edit: Tried it, on an i7 920 with 12GB of RAM and a Radeon X4890 card I'm still taking a 10 fps hit per object with that effect on it that's close to the camera. Incidentally, Camlann's Torment uses a similar effect and due to the proximity of the glowy lance thing to the camera I drop to ~10 FPS towards the end of that animation. Why SE felt the need to start using problematic rendering techniques like crazy after no modern computer can run them properly anymore is beyond me.
