Just a quick test of Max 2021 vs 2020 (I am sure the same thing was possible many versions back).
- Displaying the physical material is possible and looks the same (supports diffuse, reflectivity, glossiness, bump maps, and more)
- Displaying the HDRI background and simulating lighting + soft shadows in the viewport is possible (you need to add a "Skylight" object in Max 2020 or older, that's the only difference)
- AO works (it's a bit different, but who cares about AO in the viewport)
Some remarks:
- The viewport lighting intensity was different between Max 2020 and 2021 (2020 was closer to the rendering actually) - no idea why, I removed the Skylight object in Max 2021 since it's not needed anyway
- HDRI environment OSL map does not offer the preview of the HDRI file you are loading in the file load dialog :D
- With this viewport display mode + few objects + few materials whole 3ds Max becomes very laggy/slow, but maybe it's just my system (used 3900x + GTX 1660), so it's like this: change material parameter.....wait....see the viewport update.
- Changing bitmap's output parameters does not affect the viewport preview (e.g. changing RGB level, RGB offset, etc) - this concerns both the textures and the HDRI enviro. The workaround is to use the new OSL color corrector.
So my final conclusion would be that using Corona's IR is a better idea. ;)
I haven't checked with Corona materials yet, will try it later (and others can try too!).