Hey!
I know this is a quite old topic, but I just wanted to chime in and let you guys know, that I'm looking for something like this. So now, if I want to render a smaller region of my render I have to switch back to my max window, have to select the required viewport, than have to open the render settings window, after that, usually switch a tab to the common settings, than select the region option from the dropdown menu, than go back to the max window, and try to look for the corners of that nearly unvisible rectangle, to somehow select the desired region there ...
I don't want to seem like somebody, who is whining, just tried to describe, that how complicated it can be, to render a quick region. And just one half of the problem is the speed of the process, what is the most bothering in my opinion, is that as I mentioned earlier it is hard to see where the sides of the region-selection rectangle are exactly in the viewport and usually you can select the desired region of the image better in the frame buffer.
In my opinion something similar, what we have in Vray should work fine.
So +1 from me for this request :)