However, I found some similar technique which can be found in Max or XSI too perhaps.
Based on my knowledge and experience, these 3 are the technique I used the most.
1. Using proxy.
I used this the most. Previously maya below version 7 hasn't got this tool yet. Instead I used CPS (Connect Poly Shape). It's a script, which behave in similar way.
To use:
- select an object you want.
- click Proxy > Subdiv Proxy options box.
For more info, you can refer to help. But usually I would leave everything to default, except Subdiv Proxy Shader to Keep.

Once applied, you'll see there's a new object on top of it. If you check the outliner, There are now 2 objects under 1 group.

So how's it similar to LW? Did you see TOGGLE PROXY DISPLAY and BOTH PROXY AND SUBDIV DISPLAY on previous image? There's a default shortcut key, which is ` and ~.
Try this:
Select vertex on lowpoly, press `, move it, so now you'll see the hires is moving as well.
Okay, now I'm done with the modeling, how do I clean it up?
Well, you can manually delete the hires, unparent the lowpoly and delete the group node, but the simpler way would be:
select the lowpoly object, apply the proxy > subdiv proxy again.
Why manually delete? Sometimes I found proxy to be a little bit buggy.
Advantages:
- Easy toggle and editable. LW and Modo users will love this.
- History is properly kept.
Disadvantages:
- Sometimes buggy with mirrored objects.
- Sometimes you have to manually delete the smooth object (bug I guess)
- Smoothed object might have problem with render (investigate the render stats under attribute editor)
2. Active Smooth Poly (http://www.3dbe.com/ActiveSmoothPoly/Default.aspx)
This is another script I used by Tal Threstha. The purpose I used this mainly is for viewing hires object only.
You'll find out more in his website, I'll just summarize.
Advantages:
- Fast, I assign to alt+q, object smoothed, and you can still orbit the viewport
- Good for minor tweaking which do not require proxy.
- History is clean, since the script will automatically clean polysmooth node after it's deactivated.
- Comes with smoothing radius, so you can adjust the distance of smooth, good for slow computer.
Disadvantages:
- Once smoothed, you can't edit the lowres object like proxy mode.
- selecting object and activate the script is fast, but selecting vertex and activate the script seems to slow down performance.
3. HKSubDConvertor (http://www.henrykorol.com/Scripts/SubdToggle/index.html)
The last one here is not really my preferences, but it's worth mentioning. I occasionally use it.
Again, visit the website for more information.
Advantages:
- Smooth object look really smooth, because it converts object to SubD
- Good for detailing or finishing phase.
Disadvantages:
- Always delete history, not good if you'd like to keep bevel or such node.
- Personally I just feel it's not clean, even though it claims to be.
- Once in a while it would crash maya.
- Conversion would be slow sometimes, depending on your machine and poly counts.
hello..are u still awake? :P