@ rune7 The “material” you see in that link, with the nodes all hooked together, is basically a high-level view of a shader. You can probably make a decent guess about the code it generates just from the names and what plugs into what. A tool like that is on my to-do list.
You can achieve the look of that example at the very least. The parts with “white” in my own shader are basically saturating the brightness in spots, sort of what an emissive color does. I assume the little bumps in one texture are meant to be driven forward along uv.x. ( uv.x = 0 is the left side of the texture, uv.x the right; similarly for bottom and too. You can add a delta such as time to them, scale them, and so on.) This can be done either with time or a parameter you supply. If you’re okay with a straight line then it should be fairly straightforward. Give it a try and report back if you get stuck.
The lightning-ish geometry is a different animal entirely. :) If you do go with the effect, there’s now the effort of keeping it continuous, definitely more challenging. I’ve actually been working with the Corona source and might have some relevant contributions here, in one case with meshes and down the road trying to expose more shader memory for stuff like this (cf. my rambling notes). I don’t know when they’ll be ready, though.