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V-Ray Next for 3ds Max update 1 is now available for buyers. Here are the main new features:

New Viewport IPR & improved interactivity
Keep working while you render with fast new viewport IPR. Interactivity in V-Ray IPR on CPUs is now faster and supports atmospheric effects.

New Lens Effects
New glare and bloom lens effects have been fully redesigned to be faster and more accurate.

GPU bucket rendering
Faster multi-GPU performance on workstations and distributed rendering, plus added support for Cryptomatte render elements.

GPU fast fog
Faster, better sampling of environment fog helps you quickly add depth to any scene with V-Ray GPU.

GPU dispersion
Now available in V-Ray GPU, render highly accurate light refractions that split into their component colors.

Rolling shutter
Emulate the warped motion blur effects common in digital video and cell phone cameras.

Physical Hair with Glint & Glitter controls
The V-Ray Physical Hair material adds new Glint and Glitter controls for better highlights.

Improved lighting render elements
Improved lighting passes provide consistent, artifact-free results that are independent of light sampling as well as better support for the Adaptive Dome Light.

Improved V-Ray Cloud support
Improved V-Ray Scene export adds support for more features when rendering on V-Ray Cloud.

Enhanced color corrections
VFB color corrections (including Background and LUT) can be saved with the final render as raw .vrimg or OpenEXR files. In addition, LUT strength can also be controlled.

Light Select by Layer
Assign groups of lights to layers and output as light select render elements.

Improved Adaptive Lights and Adaptive Dome Light
Get better image quality and cleaner results with V-Ray’s improved adaptive lighting algorithms.

Some important notes:
The Viewport IPR works only in 3ds Max 2017 / 2018 / 2019 (the API of 3ds Max 2016 and below doesn’t allow it)
Atmospheric effects are now supported in V-Ray IPR (the regular CPU IPR)
There will be a Hotfix for this update in about 2-3 weeks, including everything that we wanted to squeeze in now but we couldn’t (f.e. fixes for the artifacts in some of the REs with Adaptive Dome Light in V-Ray GPU)
Full change log:

Build 4.10.01 (V-Ray Next, update 1) (29 November 2018 )

New features:
(*) V-Ray/V-Ray GPU: Add Nitrous viewport IPR support;
(*) V-Ray GPU: Add bucket rendering support;
(*) V-Ray GPU: Add support for the Cryptomatte render element when in bucket mode;
(*) V-Ray GPU: On-demand texture mode support for IPR
(*) V-Ray GPU: Support for VRayMtl refraction dispersion;
(*) V-Ray Cloud: Lighting Analysis render element support;
(*) VRayGLSL: Ability to read vertex color and vertex alpha from within shaders;
(*) VRayInstancer: Add instancing mode “By particleInteger”;
(*) VRayNoiseTex: A new texmap based on VRayPluginNode that renders the same both on V-Ray and V-Ray GPU and in V-Ray Standalone;
(*) VRayHairNextMtl: Added Glint and Glitter controls;
(*) VRayPhysicalCamera: Rolling shutter effect for motion blur;
(*) VRayVolumeGrid: Add a .getFrameInfo() MAXScript function that retrieves the currently loaded frame info string;
(*) VRayVolumeGrid: Add support for NVLink for GPU Volumetrics rendering;
(*) VRayVolumeGrid: Add support for textures in GPU volumetrics;
(*) VRayVolumeGrid: Implement render and preview of instanced nodes;
(*) VRayVolumeGrid: Support for instancing volume grids and Particle Shaders using VRayInstancer in 3ds Max;
(*) VRayVolumeGrid: Support for Scene and Object XRefs;
(*) VFB: Add “Save in image” option to the LUT color correction;
(*) VFB: Add Weight parameter for the LUT color correction;
(*) VFB: Add an option to save image color corrections to raw .exr and .vrimg files;
(*) VFB: Reworked lens bloom and glare lens effects calculation