For 99.99999999% of what you do, use Physically Based Rendering. It may look as though there are many choices, but they are really a mix and match of rendering and shading algorithms. PBR uses raytracing and physically based shaders.
Micropolygon Rendering
Equivalent to old RenderMan's REYES algorithm. Was used for:
- Scenes with huge amounts of complex geometry that cannot be raytraced efficiently
- Scenes with lots of motion blur or depth of field — computationally expensive shading happens once and is sampled in space/time
- Scenes with lots of semi-transparent elements (volumes, sprites, points) — this sort of layering historically was slow to raytrace
- Scenes with displacements (each primitive diced up into micropolygons which are shaded and sampled independently)
Ray Tracing — currently the most popular rendering algorithm
- PBR uses raytracing, but select the PBR rather than the Raytracing option for physically based shading as well
- Scenes with reasonable levels of complexity — as complexity increases, scenes become exponentially (give or take) slower
- Scenes that require raytraced shading effects (such as reflections, refractions)
- Scenes that require very sharp details in shading — micropolygon rendering tends to introduce softness by nature of the underlying algorithm (sampling by sending rays from the camera; each surface hit by a ray triggers a surface shader execution)
Micropolygon Physically Based Rendering — Don't Use
- Designed for scenes with lots of motion blur. Superseded by PBR.
Physically Based Rendering ★ Use This One ★
- Sampling using raytracing and shading using physically based. Best choice for almost everything.
Photon Map Generation
- For backward compatibility only — PBR handles this.