I wrote this tool to deal with the many, many, crap models I was getting from various CAD packages. It is pretty old now but for the most the part it still does the job.
It is very simple to use, you can collapse the selected objects only, by material, layers or an individual layer. Most importantly it has been optimised for collapsing large object counts. A progress bar is displayed so you know Max is still doing something, unlike the standard collapse tool where you often wonder if Max is still working or it has crashed. You can also hit escape to stop as well.
By default it will do a scene hold before the collapsing starts. Max’s undo function is also turned off to increase performance and memory usage. Both of these options can be turned off or on.