MODO | V-Ray Proxy Items
Here's a quick run-down of using V-Ray proxies items. V-Ray Proxies help out in a variety of ways.
1. Improve scene interactivity by replacing dense polygon objects with low-res proxy items.
2. The lower the memory footprint of your scene by keeping the dense geometry on disk until render time.
3. Reduce the memory footprint of your scene by keeping all that geometry as separate referenced files.
4. Allow you to swap out objects by simply pointing to a different file
5. V-Ray proxies can also wrap up alembic point cache data resulting in fast animation playback.