V-Ray 1.5 Service Pack 3 for 3ds Max has
been officially released.

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;
• Region Rendering directly in VFB.

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 – V-Ray Fast SSS2.

Click here for more information