Hiya,
I use Maya 3.0 Unlimited in Windows 2000 Professional and I'm experiencing the same problem with my All-in-Wonder RADEON from ATI with DirectX 8.0.
Earlier, I was having problems with the wrong colors being displayed in hardware shading/texturing (though the renders would come out okay), and upgrading to the most recent drivers fixed the problem. I'm still having occasional crashes with the Hypershade window, but only when I close it... so the key is just to save your scene before trying to close the Hypershade window.
The problem doesn't come up all that often, to be honest, and so long as you save frequently, it shouldn't be that much of a nuscience (sp?). I believe it's a limitation of the RADEON chipset, itself... hopefully there will be a driver fix from ATI, but who knows. Perhaps Maya 4 (is there a Maya 4 on the way?) will have better hardware support.
Cheers,
-- Tails