Hi.
I just installed the FS mod and I got the same shader problem that was posted here allready by some ppl.
But I noticed that the problem does not occur when I started the mod from inside BF2142 instead of using the shortcut.
So I checked the shortcut and compared it with shortcuts of other BF mods. The major difference was that the line "Start In" showed the path to the mod folder ("F:\Battlefield 2142\mods\FirstStrike" on my system) instead the path to the BF2142 root folder like in the other shortcuts.
So I changed the "Start In" line to "F:\Battlefield 2142". After that, I could start the FS mod with the shortcut without getting the Shader error.

So If you get the shader error, too, you might check the settings in the FS shortcut on you desktop.