Yeah, but just like everything else in max, they've unnecessarily complicated it.
Maya does the exact same things as max, plus more, and faster and easier. Applying materials is just a right click > apply material > selection of shader type (blinn phong etc) and then you can change the id or name of it. Listed conveniently and easily underneath the shaders properties are diffuse, bump mapping, specular, ambience and what not. What you want, when you want it. No screwing around with 5 different buttons, or big lists and the need of hotkeys.
Take Jahrain for example. He's a dam good modeller, artist etc. As far as I know, his knowledge in max equals that of his knowledge in maya. Now why on earth does he prefer to use maya for modelling if he's just as good at max?

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