I have a basic question, I think. lately I have been saving to .exr instead of .png. How can I achieve same alpha behavior with exr without the extra steps in post? Thanks in advance.
This is probably what you need.
http://helpx.adobe.com/photoshop/kb/install-openexr-alpha-plug-photoshop.html
looks perfect, but unfortunately I am still on CS3 
Thank you
Well you have two options then - either to update to PS CS5 , or to export alpha channel from Vray and use it as a mask in PS.
Yes, it seems true…Thanks, voltron7
Does anyone know if CS6 will handle 32 bit exr/layers or must you get the extended version?
As far as I know layers are not supported in non-extended version.
It is better to forward this question to Adobe Community.
Good point, thanks again