The newest build of V-Ray 1.5 Service Pack 3 or build 1.50.SP3 is available for download.
The upgrade is free of charge for all current V-Ray customers, and can be downloaded here:

V-Ray 1.5 Service Pack 3 is compatible with Autodesk 3ds Max 6.xx/7.xx/8.xx/9.xx/2008/2009 as well as Autodesk 3ds Max Design 2009. Both 32-bit and 64-bit OS are supported.

New features include:

  • 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.

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;
  • New SSS material for better and faster rendering –  V-Ray Fast SSS2.