I have a very simple node setup as shown below in cycles. Rendering is not a problem but I would like to preview the material in Material View. Does anyone know if this is possible, or not?
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Unfortunately, as far as I know, this is not possible at the moment.
I do find myself quite often wishing this was possible, but I am afraid it is not. the closest thing is, as Bithur said in the comments, you can use Shift+Z to activate rendered viewport mode.
I have heard that the devs are working on adding this support, I have no idea when it is projected to come out though.