Is there any way that krakatoa material can support properties of materials like: Particle Age, Particle MBlur , Particled Water and any other that change the way particles act in space and time? 
(for the non-scripting people 
You can do shading using Channels with KCMs right now.
The main limitation that we see is that if you have to assign that “shading” to many particle systems, you have to add lots of modifiers and it only works on PRT Loaders and PRT Volumes right now, unless you use a Global Channels Override KCM.
So out future plan is (and a Proof Of Concept UI was already created) to add a Krakatoa Channels Material - a KCM holder that is assigned as material and is evaluated like the current Krakatoa Material (which internally runs built-in KCM flows actually) after the modifier stack. This way, you could assign that Material to any number of objects and it would provide any number of KCMs to them without overcrowding the modifier stack of each one, while being less global than the Global Channel Overrides which affect ALL objects.
Whether this will make it into 1.5.2 is to be seen, but I hope so.