Courtesy of Ken Pimentel's awesome "Maxed Out' blog! Ken gives us the update on the new advantage pack for 3ds Max 2012! The advatage packs are available to subscription customers only - so contact us to make sure you are current if you aren't already!
Here's the brief overview.
Render Passes/State Sets
We're introducing something called "State Sets" to perform the work of render passes
State Sets in 3ds Max 2012
Render Pass System
Segment your scene for downstream compositing more easily with an entirely new render pass system.
Adobe After Effects Interoperability (Yay!)
3ds Max artists whose creative toolsets include Adobe® After Effects® software can now enjoy a level of interoperability that sets a new standard for 2D/3D data exchange.
ActiveShade Interactive iray Rendering
Experience a truly iterative creative process for finalizing renderings, with new ActiveShade support for the iray® renderer from mental images®.
Enhanced Interoperability with Adobe Photoshop
.NET Exposure of the 3ds Max SDK
Effectively leverage .NET enabled languages (such as C#, F#, IronPython, IronRuby, and Visual Basic .NET)