Max - includes model and the adjusted v-ray materials. The model is ready for rendering with V-ray.
FBX - model with standard materials. For rendering with v-ray in 3ds max is enough to add the lamp_mat file (which is in archive with FBX file) to material editor (Get Material - Open Material Library) and to assign it to the model.
3DS and OBJ - model without materials.
Formats 3DS, FBX and OBJ are universal, and you can use them in earlier versions of 3ds max or in other programs which support these formats.