Actually GFX is 3rd generation
1st gen - Radeon 9500|9700 & GeForce2 (Vertex Shaders)
2nd gen - GF3|4 & Radeon 9800 (Vertex&Pixel Shaders)
3rd gen - GFFX (Vertex, Pixel, Light, Time Shaders)
plus the FX 5900 adds to the table a new Shadow Shader set
Light, Time & Shadow shaders are all the priprioty of nVidia so i'm not sure if you'll end up seeing them on your cards.
that aside you can actually run HL2 on a standard card, and all of the Shader effect used will use Software Emulation on the lowest instruction degree. Which for a lowly 1.4Ghz Pentium means you'll bog at just about acceptable speeds.
GeForce3, 4 & Radeon 9800 would be the acceptable cards, currently there isn't full support for the FX features - but it is planned.
what is missed out is actually a matter of opinion, takes nothing away from the game itself - its just some of the effects which look better with certain effects.
like you want bump-causistic water effects you'll want a GF4 or R9800 if you just want the water to look semi-real then you can get away with a GeForce2 or R9500.
Within the Epic battle of the fates the Shadow and the Angel will meet. With it will harbinger the very fight of good vs evil!