System requirements:
* Microsoft ® Windows ® 7 Professional (32 - or 64-bit)
* Microsoft ® Windows Vista ® Business (SP2 or higher) (32 - or 64-bit)
* Microsoft ® Windows ® XP Professional (SP2 or higher) (32 - or 64-bit)
* Autodesk ® 3ds Max ® version 9.0 or later

Core architecture:
* Multi-platform object-oriented API
* Fully multithreaded core
* Unified sampling system based on Schlick sampling
* Distributed rendering
* Efficient shading system specifically optimized for ray-tracing
* Modular architecture - many components of the system can be replaced with custom ones

Geometry:
* Efficient geometry handling
* True instance rendering
* On-demand dynamic geometry creation
* On-demand geometry loading from disk files
* Displacement mapping
* Catmull-Clark and Loop subdivision surfaces
* Extensible with custom geometric primitives through the V-Ray SDK

Image sampling:
* Three different image sampling methods
* Full-scene antialiasing
* Progressive path tracing
* Support for additional render elements (diffuse, reflection, GI etc)
* Advanced color (tone) mapping controls
* Extensible with custom image samplers through the V-Ray SDK

Illumination:
* Physically accurate full global illumination solutions
* Different GI algorithms: path tracing, irradiance cache, photon maps, light cache
* Reusable GI solutions for accelerated rendering of walk-through animations and animations with dynamic objects
* Physically accurate area lights
* Efficient illumination from HDR environments
* Procedural sun & sky models
* Extensible with custom lights through the V-Ray SDK
* IES photometric lights

Shaders:
* Physically plausible materials
* Blurry reflections / refractions
* Accurate hilights
* Sub-surface scattering
* Support for efficient material layering
* Extensible with custom shaders through the V-Ray SDK

Camera effects:
* Depth-of-field with bokeh effects
* Accurate motion blur
* Physical camera model
* Extensible with custom cameras through the V-Ray SDK

Extras:
* Toon effect
* Fur generator / raytracer
* Extended matte / shadow capabilities
* Support for Render-to-Texture mode of 3ds Max
* VRaySphereFade to isolate only specific portions of the scene for compositing

Frame buffer:
* V-Ray specific frame buffer with integrated color corrections and display of multiple rendering elements
* Direct rendering to disk for extremely large images, either as OpenEXR files or as. Vrimg files

Fixed in version V-Ray 2.00.02:
* VRayLights could render differently (brighter) from V-Ray 1.5
* V-Ray RT: Right-clicking in the ActiveShade window to bring the quad menu could crash 3ds Max;
* Img2tiledexr would crash if it could not write the result due to permissions;
* Fixed noise with VRayBPTracer;
* Crash with VRayIES lights and VRayBPTracer;

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