Also in terms of hardware rendering, one can only do playblast style hardware renders of fluids, and as mentioned, the lighting cannot be adjusted( it is a single directional light aimed along the fluid's diagonal ).
One can get nice results for some things, however. The graphics card may make a difference. There are display attributes on the fluid that affect the hardware rendered quality: slices per voxel, voxel quality.. also turn off boundary draw. I found that the hardware draw was much nicer on an Irix box, due to the floating point hardware transparencies.
Duncan