Projectors are fine for shadows on a single surface but they don't give the same results that the older water or fire shimmer would on everything in a room. Pools are a good example, how would you light a room up with the feedback of light through rippling water? Not just on the ceiling but over all of the surfaces in a room, one that is more complex than a four sided box? I'm not sure I like the idea of 5-10 projecters in one complex room, or even the idea of creating the images/frames for the water.
Understand that I'm not bitching, I'm simply looking for a solution to what was once a lot easier. Was the feature removed due to the addition of the static mesh and it's lighting limitations? I woud be content if I could still use the feature even if it was limited to BSP.