In fact you have an "integrated" plug-in in LightWave which is "SuperCel Shader" but you also can find "Unreal Extreme" which is free and extremly (as the name says !

) powerful.
Another thing to note is that you can achieve some amazing pencils effects with Nodal (LW node system...) but that require a good understanding of nodes and how the y work in LightWave.
The last thin i'd add is that Fprime is great and "required" if you're used to modo's preview workflow.
But as a renderer LightWave in its last stage (v9.5 beta...) is very very very fast (did i mention it's fast ?

) ans allows you to render with all the bells and whistles that only a native renderer can render, i.e. lens flares/hair&fur/glow effects and all the pixel filter plug-ins.
In fact i use now the GI renderer in LW that allows very fast pixelated previews to setup the lighting of my scenes, without even using any third party plug-in.
It's good for my wallet.
Cheers,
Laurent aka Tartiflette