Kimi, the man with excellent genes, blogged few days ago in here about QML extension plugin that provides shader effects for QGraphicsView based Qt Quick 1.x. What makes this magnificent, is the fact that API matches to what QML Scene Graph (at least currently) has, making it a perfect solution to start experimenting with the future. Also, as it is a separate plugin sitting on top of standard Qt 4.7.x, it turns "Qt everywhere" to "shaders everywhere" right now while waiting for the full Scene Graph glory.
All you need is 1) Qt 4.7 installed in suitable environment (Linux, Windows, Symbian etc.) 2) the qml1-shadersplugin and 3) imagination for writing QML & GLSL.
What I came up with using the plugin is something they call metaballs:
Source codes are available in here, go wild! And kudos to Nokia/Qt team for providing this plugin!