That effect is not a trade secret

and it's not the kind of effect that can be created with Truevision's particle system.
I'm quite certain that it's just 3 billboards... 2 squares and 1 longer rectangle with a repeating texture. See how you can see the same details repeat in the electric stream?
I added a complete AlignToCamera function (in VB.net) to the wiki page mentioned above.
Here's some more info to help you get started with the connecting rectangle:
- Create a plane with a z length 1.
Plane = Scene.CreateMeshBuilder
Plane.AddFloorGrid(0, -0.5, 0, 0.5, 1, 1, 1)
Plane = Scene.CreateMeshBuilder
Plane.SetMeshFormat(CONST_TV_MESHFORMAT.TV_MESHFORMAT_DIFFUSE + CONST_TV_MESHFORMAT.TV_MESHFORMAT_NOLIGHTING)
Plane.SetPrimitiveType(CONST_TV_PRIMITIVETYPE.TV_TRIANGLESTRIP)
Plane.AddVertex(-0.5, 0, 0, 0, 1, 0, 0, 0, 0, 0, 0)
Plane.AddVertex(-0.5, 0, 1, 0, 1, 0, 0, 1, 0, 1, 0)
Plane.AddVertex(0.5, 0, 0, 0, 1, 0, 1, 0, 1, 0, 0)
Plane.AddVertex(0.5, 0, 1, 0, 1, 0, 1, 1, 1, 1, 0)
- Set its position to one of the 2 points.
- Use the Mesh's LookAtPoint function to look at the other point.
- Set its scale to (1,1,distance between points)
- Use the AlignToCamera function on the wiki.
I'd be happy to answer any questions on how to implement this technique.