In 3dsmax if you merge 2 scenes in which an object gets a material assigned that has the exact name as a mat in the new scene it asks if it should transfer the mat with it or if it should take the one out of the scene you're trying to merge it with. I think that it probable has it's mats stored seperately and objects get these mats assigned to their material channels. You can also allow multiple textures on a single object and such, using multiple material chanels. Don't know if that answers your question xenic?

(_/)
(='.'=)
(")(")This is Bunny. Copy and paste bunny into your signature to help him gain world domination.