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• Linear workflow is hidden from the Color Mapping rollouts. It is accessible via maxscript. Scenes using linear workflow will still render with V-Ray 5.0.
• Clamp Output and Clamp Level spinner options are hidden from the UI. They are accessible via maxscript. Scenes using Clamp Output and Clamp Level spinner will still render with V-Ray 5.0 the same way they were saved in V-Ray 3.6.
• Local subdivs are hidden from the user interface for all lights and materials. Older scenes using local subdivs are automatically updated.
• Use Native 3ds Max material swatches by enabling the respective option in Render Setup > Settings > System > Native 3ds Max material swatches. 
• Global DMC has been removed. Some parameters such as Adaptive amount, Min samples, and Noise threshold can be modified with a Max script. To disable any kind of adaptive sampling for shading effects, set the DMC adaptive amount to 0.0. This can be done by using Max Script in V-Ray 5.