FSX will ship with only Max tools. GMax tools will not be available until some time (weeks? months?) after release.
Full I-K animation including 'flexible skin' is possible.
Textures features include:
Diffuse Color
Specular Color
Self-Illumination
BUMP Mapping
Fresnel Ramp
The above facilitate reflections, specular shine, "bump" detailing, and self-shadowing, among other things.
All model animations are now key-framed and rely on XML code baked into the model. The XML code for all the "defaults" are supplied in the modeldef.xml file, and as has been the case with the 'old' MakeMDL.parts.xml file, modelers can add their own, custom code into the same file.
C style gauges are still supported, although the file extensions are now .dll instead of .gau - which really makes sense, since .gau files are really .dll files to begin with!

As with FS9, XML coded gauges are the 'prefered method,' and ACES have programmed a WYSIWYG XML Gauge creation tool.