Just adding my two cents. Per others in the thread, I was crashing when using ShadersModCore-v2.3.28-mc1.7.10-f. Log here: http://pastebin.com/sH2ei01q
After switching to the slightly older ShadersModCore-v2.3.22-mc1.7.10-f1208, the game was able to launch.
I did not notice any FPS increase, but I did notice perfect smoothness without the previous stuttering and freezing. Also worldgen flying at creative speed was fast and smooth without the usual freezing and stuttering. While I'm disappointed I didn't get the FPS increase reported by others, I'm happy as can be without the stuttering.
Any chance of fixing compatibility with newer versions of the shader mod?