3DS is definetly a better renderer but if you are experienced enough with ARX and have a powerful enough computer to troubleshoot, you can produce renders that will stand up to 3DS renders. I have been complimented by advanced 3DS user on my renders with ARX and they think i'm using 3DS so I personally know its possible and all those renders were done with a slow azz computer. With my new computer, what took me over two hours to render now takes me 6 minutes. WHich means, my trouble shooting just took a big step forward. I've done a few renders with the new computer and I must say, they are VERY nice. I have 3DS, I know how powerful it is, but for static display renders, if you know your shyt with ARX, you can hang with 3DS. And, the more we prove that ARX is a formidable renderer, the more PTC will address the issue of upgrading it again.
Also, as far as I know, there is no way to specify layers on a part in 3DS from pro-e, so either you make a new part for every single different color surface and assemble them (which is a horribly slow process), or you buy a translation program that will cost you 200.00.