V-Ray Next Scene Intelligence delivers faster ray tracing, cleaner sampling and more accurate rendering. That means you work smarter – not harder – by automating steps that used to take up valuable time.
http://docs.chaosgroup.com/display/VMAX/What%27s+New+in+V-Ray+5%2C+update+2
Why V-Ray.
Award-winning rendering technology for any project.
For truly photorealistic renders, you want a raytracer that’s built for quality, optimized for speed, and ready to scale. V-Ray gives you the power to work with lightning-fast interactive and heavyweight production rendering—all while getting the most from your CPU and GPU hardware.
Built to handle your toughest scenes.
When you’re working with the biggest scene you’ve ever seen, you need a renderer that won’t let you down. Billions of polygons? Thousands of lights? V-Ray can handle it all. Render anything and everything with V-Ray. Adaptive Lights, Proxy Objects, Distributed Rendering — an arsenal of production-proven features when you need them.
Post-process your renders without the need of a separate tool.
V-Ray equips you with a complete set of lighting, shading, and rendering tools—all integrated with 3ds Max. The redesigned V-Ray Frame buffer with light mixing and layered compositing means you only need to use one tool for more than just rendering — no need to go back and forth between different apps.
Create interactive experiences in real-time — in a 100% raytraced environment.
Present your ideas in 100% ray-traced quality without the need of extra optimizations and conversions. Make project changes directly in 3ds Max and validate your designs on the spot.
Work seamlessly with other software.
V-Ray is compatible with all the most popular 3ds Max plugins — Substance, Forest Pack, Railclone, Ornatrix, Tyflow, Phoenix, and more. V-Ray is also the perfect fit for any pipeline with support for open standards such as Alembic, OSL, OpenColorIO, and now ACEScg.
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