Well, if you try them both in Photoshop you can see that using linear multiply vs. gamma correct 1 / .4545 the gamma correct produces a smooth histogram. Linear multiply produces banding after being re-corrected (be it in the Vray VFB, Max VFB, Photoshop, etc).
If you think about it this way - you render the image linear, it ends up being quite dark (before any gamma correction is applied). When you apply the gamma correction in 8-bit, it’s ‘stretching’ the histogram below the midpoint (so RGB values 0,0,0 - 128,128,128 end up being remapped to fit 0,0,0 - 186,186,186) while 'shrinking RGB values above the midpoint (so RGB 129,129,129 - 255,255,255 are remapped to fit 187,187,187 - 255,255,255).
You can prove it by making a large gradient (so each RGB value from 0-255 is represented) from black to white in Photoshop and determining where the midpoint is. Then go into the Levels and swing the gamma to 2.2. RGB 1,1,1 is now RGB 5,5,5. The next level of gray RGB 2,2,2 is now 9,9,9. There’s no way to determine the color values between the 1,1,1 and 2,2,2… so after the gamma correction there’s now a 4-level jump in the gray value. The image (after swinging the gamma to 2.2 in Photoshop similar to the Vrayframebuffer 0,.64 technique) now has NO information with R,G or B values of 1,2,3,4,6,7,8…
The transformation is applied linearly to the RGB values and the final decimal is rounded, resulting in the steps in the histogram. It appears that when Vray uses the gamma correct color mapping, it’s performing the transformation at a higher than 8-bit bit depth. (i don’t know what Vray internally calculates at - 32 bit float?)
On the Fusion group they discuss how linear workflow is really best for higher bit images like Cineon / DPX / EXR scans because in 8-bit the loss in possible RGB values results in banding. So the important part:
In order to work in linear color space without getting the resultant banding in the histogram you must either:
1. Use the Gamma Correct color mapping of dark = 1, bright = .4545. You can save out to high-bit depth or 8 bit and you won’t get histogram banding.
2. Use the Gamma Correct or Linear Mapping and save the file out to a high bitdepth image. I only have Photoshop CS, so I know for a fact OpenEXR works fine when you gamma correct at the time of loading the image in Photoshop.
*****IMPORTANT:
If you save from the Vray VFB using Linear Mapping… and you want to avoid the banding, you CANNOT use the internal frame buffer Curves corrector, as it performs an 8-bit gamma correction even though the image is higher bit depth (even on the Real RGB channels). So, using the curves correction (the 0,.64 thing) and saving in ANY format will result in banding.
Disabling the curves correction, saving to a high-bit depth format, and doing the gamma correction in Photoshop works fine (no banding).
Also, cloning the VFB with the curves off produces a correct high-bit depth gamma transformation to the Max VFB.
(note - all data is for Vray 1.46.15, i don’t know if the curves has been updated in any of the newer builds)