HLSL adds older CRT monitor affects to LCD/LED monitors. It looks pretty good on CRT monitors too!  Not sure what the letters stand for.
As far as enabling it. Go in your INI folder in your Mame directory. There is a file called Mame.ini or possibly Mame32.ini. Not sure which as I do not use the 32-bit UI version. Regardless, One of the two files will be there. Scroll 2/3 of the way down the file. Look for the following....
#
# DIRECT3D POST-PROCESSING OPTIONS
#
hlsl_enable 0
hlslpath hlsl
---------------
Change hlsl_enable to 1 instead of 0. It is binary... 1 = on, 0 = off. Enjoy!
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Re: 2 stupid questions re HLSL
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Not sure what the letters stand for.
