Lightwave and MAX are pretty much neck-in-neck as far as features go. MAX is a bit more versatile, with its greater number and variety of plugins, but it's more expensive, too. LightWave, you start out with most of the things you'll ever need, but if you want to addon you'll have more trouble finding good, cheap plugins. LightWave also has better particles, while MAX has better modeling tools, but one can fill in that gap more or less easily on either one.
I'd use LightWave, if only the interface wasn't Greek to me, but that's just because I'm not prepared to pay for, well, either (but MAX much less so), and because MAX uses Cdilla, which is the software of the Antichrist (and damnably hard to keep hacked, too).