Targeting Android, Unity Pro's AssetBundles-with-Shaders feature works great on-device (tested on different phones) but totally fails in Unity Editor's Game View, making any sane prototyping/testing of such AssetBundles essentially unworkable.

Note this applies to Unity Editor started with -force-opengl. No idea if this happens in DirectX mode, since that is simply irrelevant to Unity development for mobile.

See: http://forum.unity3d.com/threads/199911-unity-Shaders-in-AssetBundles-few-work-most-fail-in-various-different-ways!

Resolution:
Once shaders are serialized for opengl es target it is impossible to load them using dx9/11 device.
As a workaround '-force-glcore' can be used on Windows to be able to emulate gles behavior