The resulting .vrmesh files can be rendered outside of Rhino - for example, by V-Ray for 3ds Max, V-Ray for Maya, V-Ray for Softimage and in the standalone version of V-Ray.
Be aware that depending on the V-Ray proxy object detail, using the preview type Whole mesh might put substantial load on your system.
Displacement of Proxy object is not supported.
A mesh can be exported into a file via the vrayProxyExport command in Rhino's Command Line.
V-Ray Proxy can be imported via the vrayProxyImport command in Rhino's Command Line.
V-Ray Proxy can be instanced by using the _Array command or Alt+drag the object in the Rhino viewport. This helps save memory as the .vrmesh file will be loaded only once regardless of the number of instances. Copying and pasting a Proxy Mesh, however, creates copies that end up loading the same file multiple times. This should be avoided. A Proxy Mesh within a block definition will be loaded only once regardless of the number of block instances in the project. Therefore, copying and pasting block instances is a safe alternative method to copy/pasting the Proxy Mesh objects directly.
A Proxy Mesh may take a few seconds to generate its material slots if the loaded file has numerous face IDs.
Memory usage can be viewed from the Stats section of the new V-Ray Frame Buffer.
Proxy Mesh re-export does not export the Proxy Mesh. It only exports a Proxy Preview with a simple mesh. To export the Proxy Mesh, export it as an asset with its .vrmat materials from the V-Ray Asset Editor>Save Assets To File.