Just a recap on an earlier thread http://blenderartists.org/forum/showthread.php?t=64957 - the transmissivity patch got committed so you’ll expect to see better glass-like materials in the Blender Internal renderer in 2.42.
Results will go from this:

To something more like this:

Note the way the shadows vary with thickness and the glass feels richer. You adjust the “ray trans” filter value to reduce the transmissivity of the material, thus filtering out more and more light with the thickness of the object.
This is one of the first few material features which makes the volume of material meaningful, and not just the surface. I know some people are working on volumetric shading (flame, smoke, etc.) too, and I am looking into a low-cost subsurface scattering (SSS) approach to go into 2.43 or so.
The implications of volume for transmissivity (and later, SSS) are twofold:
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You gotta pay attention to scale more. Transmissivity has to be tuned for the scene’s scale. If you design a glass object for a scene with 1 blender unit == 1 meter, your glass needs to be set to allow a lot less transmissivity (a higher filter value) than if you design a glass for a 1 blender unit == 1 centimeter sort of scene.
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You still gotta pay attention to normals. Proper “manifold” meshes are not required, but if a ray leaks out of a mesh, the results will look funny. This is true without transmissivity too, but the transmissivity feature will give you even stranger results if you try to make a glass window with only one polygon instead of a true thickness, or if your normals are not facing outward from the object.
And thanks to those who supported my efforts and apologies to those who may have suffered from my impatience. 
took longer than i hoped, but beaurocracy is always fun