Yes, you can still use your "cpu only" with Iray, the same why 3dlight does. However renders will take a bit longer. But there are those who are using cpu only and getting decent times and results. All depends on your scene. The end result in terms of quality will be the same, only time is affected without an nvidia gpu.

Decent times? are we talking hours ....or days? Its slow render times that have been dragging me. I have Reality and ...guh...I tend to work in 8000x6000 and anywhere from 72dpi to 300dpi....

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