Well, I am only a Lightwave user.... Don't get me wrong, I do like Imagine, but have trouble getting good renders.. One cool thing about LW, is that every scene will have a 'default light'. FAR too many times I have rendered a black screen in Imagine, cuz I am so used to LW! LOL!
Also, Lightwave 5 does support Picasso II, iirc... Tho, honestly, you get far more flexibility saving as 24-bit frames, and then using e.g. Rend24, or ImageF/X to convert, or assemble an .ANIM, etc...
My 2 pixels!