NOTICE: THIS IS LEGACY INFORMATION
3ds Max and V-ray 3.0 (and newer) now use gamma 2.2 setup by default. However the link posted below offers great information which will help you understand V-Ray with 3ds Max.
V-Ray offers a fast, brilliant alternative to the Mental Ray renderer, but must be properly setup to show your renders in the proper light.
Here is a link to a free tutorial which describes how to setup the VRay "Linear Work Flow" for 3ds Max: