Haven’t heard much of PTex in a while since the original announcement, but it was a hot topic at SIGGRAPH this year. If you’re note familiar with it, then read the original paper which discussed a new UV Texture Mapping technique which is fully automatic on arbitrary complexity and size models.
At SIGGRAPH, products like 3D-Coat and Houdini were showcasing PTex integration, and eventually Autodesk demoed a version of MudBox with PTex support. The Foundry’s Mari 1.0 has some limited PTex integration, and with the open-source nature of the algorithm it’s guaranteed to be coming to other systems as well.
Hopefully, PTex will come to MudBox soon and then to 3dsMax and Maya shortly afterward.