New features include: Linear Workflow, Mesh-based lights, V-Ray light material as direct light, V-Ray Fog environmental effect, Vector Displacement, Import Proxy as mesh, Support for Max Arch & Design materials and Region Rendering directly in VFB. Also of note, Chaos Group have updated their image gallery.
V-Ray sp3 – other improved features include:
Irradiance map – further reduction in flicker in animations
Camera Overrides now work with Physical Cam
Render Elements – MultiMatte, VRayExtraTex and VRayZDepth work with transparency
DR Improvements – support for the incremental modes of the irradiance map
New SSS material for better and faster rendering