Screenshots
History
Clarada has been hankering for this effect for quite a while. It may show up in the Homeworld:StarCraft mod. It almost looks like the hyperspace seen in the StarCraft cinematics. OK, not really, but the hyperwindow cutting the skin of the ship off and leaving that funky energy is pretty neat.
Instructions
Stay far, far away from hyperspace effects. Although they look very nice, they take an incredible amount of work to set up. If you want to have to look at and/or edit all the SHP and MEX files for all the ships you want to hyperspace, the EBGs thenmselves, and several SCRIPT files in several directories, then you should seek help.