Wrapit is essentially a tool for conforming meshes to other meshes. This lends itself to various scenarios such as retopoligising high-res meshes like those created in Zbrush, Mudbox, 3d Scan data, and creating low poly proxies for situations where those are preferable, like collision detection etc.
Wrapit's strength lies in allowing you to use the full set of 3dsmax's editable polygon tools, whilst working on the surface of a target object.
Wrapit is currently in beta, with a release date to be announced. Join the discussion here
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Example of new Branch tool:
Example of new mesh painting tools and conformed bridging.
Model by Alex Hugeut