Chaos Group just announced the release of their follow up product to Phoenix Fluid Dynamics, Phoenix (FD) 2. Best known for V-Ray, Chaos Group’s products have pushed rendering realism to the extreme, and this product is by no means an exception.
Phoenix FD simulates realistic smoke, fire, liquid, explosions and more. Unlike many other 3ds Max plug-ins, this product is very intuitive. Simply add the PHXSimluator box around the object you want to set ablaze and let Phoenix FD work it’s magic. The simulation calculations can even be viewed directly in the viewport prior to rendering. Control the intensity of the explosion, the density of the smoke or the viscosity of the fluid. This simulator is amazing.
Check out the version 1.2 version of this product demonstrated by Autodesk Certified Instructor and Visual Effects wizard, Michael McCarthy:

[youtube=http://www.youtube.com/watch?v=zSjmASohkdw]
Phoenix FD 2.0 now features a foam and splashes particle shader. View a video by Dimitar Krastev showing this new feature here:

[youtube=http://www.youtube.com/watch?v=8vaAQEolQRE]

Don’t take my word for it though. Download a demo today. You can access the demo at http://www.chaosgroup.com by registering and then clicking on Phoenix FD under the downloads menu.
Phoenix FD 2.0 can also be purchased for $960.00 here:
http://commerce.vismasters.com/catalog/products/phoenix-fluid-dynamics-20_4587.aspx
This product requires a $35.00 V-Ray license dongle.