Finally Vray SP3 for 3dsmax is available for download form chaosgroup website. The improvements and new functions implmented are really a lot and will make all vray users extremely happy.  Vray is our first choice for the 3d rendering.  Below some details from chaosgroup website:

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, VRayFastSSS2 material for accurate sub-surface scattering. Improved features include Irradiance map - further reduction in flicker in animations, Camera Overrides now work with Physical Cam, Render Elements - MultiMatte, VRayExtraTex and VRayZDepth work with transperancy, DR Improvements - support for the incremental modes of the irradiance map.

Link: vray website