Definitely stirred my curiousity. I don't think there's way to measure this as easily in other renderers, to definitely pinpoint this as 3dsMax fault ?
And if so, I echo Tweekazoi's plea: Compare PNG based on comprimation (with and without), or alpha channel.
With Vray, I use purely .png for some sort of stuff(like foliage :- D), usually without comprimation, although over the time, I can't really remember if all of them are so.