Chaos Group have launched V-Ray 3.0 for 3ds Max , which is a comprehensive physically-based lighting, shading, and rendering toolkit with seamless integration into Autodesk 3ds Max.
Focused on artist productivity and modern CG workflows, V-Ray 3.0 introduces a powerful set of new features and improvements including Faster Rendering Performance, Artist-Friendly Controls, a new Progressive Rendering Engine, and more.

Here’s the complete feature list:
1.Faster Ray tracing Performance
2.New Progressive Production Renderer
3.Render Mask to specify render region using an object selectrion or mask.
4.Reflection / Refraction Trace sets to control object visibility in reflection and reflection
5.Max ray intensity parameters to remove noise resulting from over bright source.
6.Faster hair rendering 
7.improved V-RAY RT GPU
8.improved V-RAY RT CPU
9.