My major, Liberal Arts and Engineering Studies, just purchased an educational license of Hypershot. Allow me to explain why this is incredible.
1. Hypershot makes hyper-realistic renderings of a large number of 3D model formats. By hyper-realistic I mean, more awesome than photos. Like professional studio photography, but without imperfections.
2. They have a plug-in for Rhino3D, my modeler. This means, I can add materials directly within Rhino and check it out via a small pre-render.
3. Hypershot includes some procedural materials. For instance, the leather material IS a material, with thickness, bump maps, everything.
4. One-click control of lighting, environment, and reflection backgrounds.
5. Supports PSD overlays for advertising work. This will be VERY fun to play with.
6. It costs $100 for a student license.
Say no more.
(Monty Python reference.)