b3d vs 3ds

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You're way better off using B3D in my opinion. There are enough utilities to get the format exported and into your game out there already - I'm not a fan of x-files.
The B3d pipline for Max is one of the slickest systems I've ever seen - Whoever made that deserves a big, thick, solid gold medal!
As for particles - what do you want? 3D particles or 2D fake effect? I'd mix and match them both for where they're suitable.