Feel free to wire me $5000 any time so I can pay for MAX.
I can actually do soft shadows, but the one time I tried it took fuckin' ages to render, so I avoid 'em. Other than that, next to no real particle effects or anything, limited light effects I can't really control (lotsa stuff doesn't work on modern systems, I guess), etc. so... yeah. That's basically what you're paying for in the fancier packages. If I don't mind the models getting a little messed up, I can give 'em radiosity and particle effects in another prog, but the "little messed up" goes a long way.
Also, the procedural texture generators on this thing are absolutely insane. Far, far better than MAX's, and for non-organic functions usually better than Lightwave's, too. Procedurals look a lot better than texture maps, so I prefer them.
But I'm working on learning to use a ripped copy of Lightwave. It's really, really slow, and I'm really, really, bad at it, but some day, maybe I'll be able to use it.