There's no associated 3d effect (the fps cost would be enormous), the lights are made with just textures and manually made mip.maps. Be sure you have the Anisotropic filter enabled at 16x on your video card control panel, because it affects how mip-maps looks.
If it's already enabled (if must be configured to Enhance the application setting), then what you are seeing is probably normal, but cannot say for sure without a screenshot.