Vray 1.5 SP3 released..

On March 6th, Friday, the newest build, V-Ray 1.5 Service Pack 3, is available from the download section of the Chaos Software site.
The upgrade is free of charge for all current V-Ray customers of Chaos Software.
The V-Ray 1.5 Service Pack 3 is compatible with Autodesk 3ds Max 8, 3ds Max 9, 3ds Max 2008, 3ds Max 2009 and Autodesk 3ds Max Design 2009. The new V-Ray build supports both 32-bit and 64-bit OS.
It includes several new features: 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.
The complete list with the improvements of the existing features can be found in the changelog file, which is a part of the installation.

source link: http://www.chaosgroup.com/en/2/news.html?i=108#newsid108