Jonwil's made some updates to the 3DS Max exporter for W3D files. This is intended for use with 3DS Max 8.
Grab it at http://www.cncmods.net/files/Max2w3d.zip, it will be included in the next Maps & Mods SDK as well.
Here's the changelog from the man himself:
The following changes have been made to the plugin as distributed with the last release of the BFME2 Mod SDK:
enable Specular To Diffuse checkbox on material editor vertex materials tab
enable Translucency edit box on material editor vertex materials tab
enable Secondary Gradient drop-down on material editor shaders tab
enable Publish button on material editor textures tab
enable Frames edit on material editor textures tab
enable Rate edit on material editor textures tab
enable Animation Type drop-down on material editor textures tab
enable Pass Hint dropdown on material editor textures tab
enable Alpha Bitmap button on material editor textures tab
enable Null (LOD) radio button on geometry options box
enable Shatter checkbox on geometry options options box
enable collision options box (and the physical, projectile, vehicle, vis and camera checkboxes inside it)
enable damage region edit box on object export options box
enable phys, proj and vis buttons on select by W3D type box
add support so that dazzles are correctly exported
add support for some things related to smooth skinning (a feature thats comming in the next scripts build for Renegade, mod teams already have it)
add support for some things related to export of tangent/binormal data (needed for certain shader effects and will be supported in a future scripts build)
Renamed the old (and useless) npatch checkbox so that it toggles whether to export tangent/binormal data.