I agree, it is not easily accomplished with Studio. The "easier in 5.0" is really, "easier in Presentations." There was no Studio in 5.0 to compare with presentations. This highlights the gap between the two environments and why neither is a whole solution. It would be great to have these reconciled. For the task at hand, I can only suggest moving from Inventor into 3ds Max - if you want to avoid the constraints altogether - or to Inventor 2011 to get the materials/lighting that is new there.
I've tried to placed a video of a presentation quickly done in 2011 with the materials set to Realistic and the Plain Room environment here and in the Inventor Customer files but keep getting that the max size is 1.5 mb - seems a limitation. So I shrunk the screen, hopefully you can see it in the attached.
Presentations still do not smoothly move components, as I see it.
Bill

Bill Bogan
Principal Content Experience Designer
CXD
PDMS-DiD-Digital Manufacturing
Autodesk, Inc.