Smart Vrmesh Converter
Here is a little script I wrote a while ago. Basically, it converts all selected objects into Vray Proxy format. The main difference between this script and standard quad menu that comes with Vray, is that script preserves instanced objects, so the resulting Vray Proxys will be instanced and this, in turn, will save memory during render. Besides, it lets you select and convert entire groups of objects, without opening them. And finally, the most useful part of it – it keeps original meshes in the same folder as Vray meshes, and can restore original geometry back in scene, all with one click. Of course, it won’t restore geometry, converted to Vray mesh using default tool, only converted with this script.
Here is a demonstration object. It consists of several groups, which, in turn, have instanced objects inside. Each color represents set of instanced objects. What I'm going to do is convert entire group with all subgroups into Vray Proxy format while keep instances instanced :) Then, I'm going to revert this operation simply by running this script again.