VRay is a photo-realistic rendering engine made for AME's (Autodesk Media and Entertainment) 3dsmax and 3dsviz. It includes the common features of today's rendering engines like :
It is the GI irradiance map technique that is used extensively for creating visualisations of interiors/buildings etc. Chaosgroup plans to release VRay as a plugin for Softimage xsi, Maya, Rhino and as a standalone application. Support for 64 bit computers is in development.