Compared to MilkShape 3D (thats what I use), is the texturing system more advanced and complicated?
Slightly, like Ferrari and Punto.
So... how is it different from the other two?
Maya is best for animation and NURBS stuff I think, MAX is good for everything but bloated. Lightwave has good modeler but the animation tools suck. Also Lightwave has separate "modeler" and "layout" compared the usual "all in one".
If I were you I'd check XSI - cheaper than Lightwave and overall even better than MAX IMO.