Model: The web itself is geometry bearing splines. The water droplets are optimized polygonal geometry. Looks great up close and at length.
Materials: The web is a transculent max material. Although the water droplets are a Mental Ray physics phenomenon, a simple standard architectural glass can be used to replace it. The Background is an HDR which is also included in the main product download.
Lighting: One standard omni light.
Render: Although the poly count is a little high because of the detail in the droplets, it renders very quickly. These images were rendered in Mental Ray, but any renderer will suffice if the water material is replaced with the standard architectural glass material (IOR 1.333).