VRay.info has published an exclusive technology preview of the new features that will ship with the upcoming VRay version.
Here are some of the recent developments for V-Ray 1.5 for 3ds Max, expected this fall:
Motion blur for Particle Flow systems
Image-based lighting (IBL)
Improved rQMC sampling
Improved photon mapping
Sun and sky system
Dirt shader and ambient occlusion
Fast SSS approximation
Physically based camera
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