THanks for the info. The editor indeed sounds like a dream come true.

Just a small request, can you please try out the water and post some screenies or info on what it can do? It looks like a water at least.. right? (just worried cause my current project has a lot of areas with water already in place)

PS: I am worried about how good the integration with Max is in the end. I know it dynamically updates the content, but aren't there any stability issues esp. when working with large scenes?

I was exporting a huge level using FBX into 3dgs. It's a slow process, but in the end everything came in as expecting. It's still a pain if you intend to update something, so I guess here Unity wins bonus points. You keep saving/updating in max while it updates inside Unity at the same time. No need to import huge files over and over and worry about placement in the world.