Does the full retail version of Vray for Maya work for Blender? Do you get all the same functions if you do or do you need to buy a seperate software program?
Yes, the retail version of Vray for Maya (which uses V-ray standalone) is what you should use. You may be able to purchase V-ray standalone at this point. I would check with Chaos Group to find out for sure. It’s likely to cost less than V-ray for Maya.
Regardless of the version, you’ll need to use Andrey Izrantsev’s export script at: www.blender.bevice.ru/
Currently, he is offering a python export script that is close to being fully functional, but still in beta stage. It’s definitely ready for serious work if you need it right away. He is also developing a custom plug-in for Blender 2.5. From what I understand, it will allow all V-ray material options that are currently available if you are using Maya and V-ray.