I've finished off the Psikyo PS3/PS5/PS5v2 emulation in MAME and believe all of the missing effects are now present.
On the shmups front that covers S1945II test mode, level 7 intro (descent) and level 8 boss (lava) and S1945III level 7 intro (warp), level 7 main (whirly vortex) and level 8 intro (same as level 7) and level 8 boss (canyon-like effect).
I only own a S1945II PCB. Is someone able to take some videos of S1945III of the above scenes for reference, or alternatively, just confirm that things look good when MAME 0.136u2 is released? Enter Maintenance Code 8-1-6-5-0 in test mode to get a level select to skip there,
Cheers