V-Ray 1.5 for Rhino is a rendering plugin for Rhino that features an updated rendering core for faster ray tracing on multicore systems. New features include real-time rendering using V-Ray RT, improved image-based lighting with Dome Light, and more efficient memory usage through Proxy objects. The document outlines key rendering, lighting, material, and output features such as physical cameras, global illumination, and support for the Rhino RDK.