I also did a try on caustics with my own small scene, but got only ugly results. Dunno what I might have done wrong. Maybe the Caustics multiplier is misscaled? 
I'm glad for any help for a better understanding.
Done with: 3ds max 9 and V-Ray 1.5RC3


Here's my scene for reference: http://www.tobyatwork.de/3d-worxx/caustics/pool.rar

I'm glad for any help for a better understanding.
Done with: 3ds max 9 and V-Ray 1.5RC3


Here's my scene for reference: http://www.tobyatwork.de/3d-worxx/caustics/pool.rar
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