Each component in the XBOX vertex shader can be 'microprogrammed' independently?
That could be a pain in the ass to emulate using DX
About CISC/RISC/VLIW. It is always 'hard' to say what is CISC and what is RISC (however everyone agrees that VAX and x86 are CISC and Alpha and MIPS are RISC, but between them there is a world). RISC would be more related with control simplicity: for example a load/store architecture and register to register only operations. And CISC would be related with 'complexity': for example microcoded instructions and a bunch of addressing modes.
VLIW isn't directly related with CISC/RISC, it is related with functional units and paralelism. The opposite to a VLIW is an out of order processor, not a RISC/CISC. In a VLIW all the scheduling of the instructions (to the functional units) is done by the compiler and in an out of order processor it is done by the hardware (instruction window). Out of order has a much more complex control (and a lot of larger in transistor numbers). VLIW has the problem that there are a lot of dependences that are hard to detect (or maybe more correctly) avoid in static (compile) time.
Of course there are VLIW architectures, IA64, that are also very complex, but that is a problem with the Intel IA64 architecture group that I think missed absolutely the point with that architecture ...
I don't think there will be out of order shader in GPUs for a while, if there even will be at all ...