Cebas Computer and Trinity Animation announced finalRender Stage 1 (the follow-up to finalRender stage 0 rendering/global illumination plug-in for 3ds max.) along with a peak at some of the new features. FinalRender is a complete replacement renderer for 3ds max 4 and higher.
Some of the new features include (but are not limited to):

A new form of per-bucket scene division called DynaMSP that allows fast rendering of large scene files. Cebas founder Edwin Braun demonstrated the rendering of 3 billion polygon scenes that complete within a few seconds.

A new form of speed enhanced Global Illumination called HyperGI that yields fully GI-lit renderings many times faster than previous technologies. This technology also yields GI-lit animations that do not flicker.

Networked GI and raytrace rendering that works on each bucket, so that a single image may render ten times faster when ten render slaves are connected.

A new form of displacment mapping called MTD that allows raytracing of enormous amounts of smooth displaced geometry in practical timeframes. (Ten million+ displaced polys rendered in 1-2minutes sound good?)

A new analytical light particle model for creating reflected and refracted caustics more efficiently. This new technology can create effects of bent light both quickly and also create the thin, wispy look of true caustics without artifacts.

A non-photorealistic mode, called FinalToon, that can yield painterly and illustration effects of excellent quality.

True 3D motion blur with minimal speed impact.

A new mode for sub-surface scatter, where light penetrates translucent surfaces and lights them from inside. For example in a Christmas commercial for Coca Cola where the elves ears transmit light when back-lit.
finalRender stage 1 will ship in the fall of 2002 for a price of $695, rather cheap compared to renderers such as MentalRay, lets just hope the quality matches up.
Devious Comments
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Only the price tag is keeping me from getting it... good think VRay is (was) free
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I'm the cruelest nine months anyone can suffer.
Kinda like how litestep replaces explorer shell (at leas, thats my understanding)
Doesn't mean it'll be better, but I'm willing to bet it will be, considering max's scanline renderer isn't that great.
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(¯`·.¸¸.·´¯`·.¸¸.We were a silent, hidden thought in the folds of oblivion, and we have become a voice that causes the heavens to tremble.¸.·´¯`·.¸¸.-Khalil Gibran.
wish maya's renderer was as good..... casue it sucks
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