Autodesk looks at the added flexibility in Mudbox 2012 for creating realistic texture maps by 3D painting on the model in the viewport using stencil projecting, clone, layer modes, and PTEX painting.

From Autodesk’s Post: “This tutorial demonstrates the flexibility of the new tools in Mudbox 2012 for creating realistic texture maps. New features shown in this tutorial include: enhanced stencil capabilities using the grab tool, stencil projecting, the Create Layer mask, the clone and blur tools, layer burning mode and PTEX painting”