As far as I can remember:
The CGFX version allows Imagine to open its screen on a RTG (see the first half of the preferences screen). Although it offers the ability to display the textures rendered in 24 bits, it has the disadvantage of losing the screen refreshes.
The preview still works in grayscale. Preview in 16 million colors is possible, but via a file to be displayed. ARexx is responsible for these jobs and errors excepted, Aminet has these scripts.
NB: Just in case, sorry for my english, it is not my everyday language.