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The Render Pipeline provides deferred rendering and physically based shading for Panda3D.
You might want to start at Getting Started. Also have a look at the Render Pipeline Samples
You can find the render pipeline roadmap here.
For a list of features, see the List of Features. The pipeline is a work in progress. Feel free to join the development!
If you have further questions, or want to contribute, you can find me at #panda3d on the freenode IRC.