HUGE EDIT: Ok, my old method of mapping a torso was really half-assed :) Here's what I do now:

[1] Delete the right half of the torso (assuming its symetrical)

[2] Use 4 planar maps (front, side, back and top) to map everything.

TIP: Dont use "FIT" when using planar maps! Its a waste of time. Instead, write 64x64 or 128x128 or any numbers you want but make it a square so you won't have to scale the mapping in X or Y just so the checker squares are still squares once applied on the model. Also, the pieces will also be relative to each others if you always use the same numbers! Note that if you want to use a rectangular skin you sould use numbers like 256x128 or 256x64 or whatever. And if you want to experiment a bit you can try to do the same with cylindrical mapping by using the good old PI. I never tried it myself but it shouldnt be hard to figure out.

[3] Weld the 4 pieces togheter in UVW edit.

This can take a lot of time to do and you will be forced to add a lot of distortion but instead of spreading it all over the model just shove it below the arm... That area is hidden nearly all the time and the distortion won't make it impossible to skin anyway.

[4] Mirror and weld the torso's half you've been working on.

[5] Select the right half's front and back (NOT the side/top), edit the UVW, mirror them and move them out of the square. Don't select the back if you want it to be mirror'ed to save more texture space.

[6] Select the whole torso, move the new front and back where it should be and weld everything togheter.

It takes a bit more time but the skinners are going to love you :) Both work anyway, just find the way you like the most.

What about REALLY complicated objects?

Obviously, each "really complicated" objects are different. When confused by a complex piece of geometry, this is the best advice I can give you (and its a damn good one): Don't try to map it with only one or two 'UVW mapping'. The best way to proceed is to concentrate on each specific features at a time, and then connect them once they are mapped. Otherwise, you'll spend hours trying to get rid of the distortion.

Need an exemple? Take a "low-poly" hand with fingers. Instead of mapping them with a cylinder, you should do this:

[1] Select the top half and apply a planar mapping
[2] Select the other half and apply a planar mapping.
[3] Select the whole hand, unwrap the UVW and move/rotate the 2 mapping surfaces so they connect at the right places.

Edit: The new torso tutorial is also a good exemple. It can get much more complex though.

For the head and boots, I'm afraid you'll have to use your imagination :) This is were experience comes handy... different boots or haircut will require different techniques. Still need more help? You can always peek at Quake 3's or UT's skins, notice how they are layed out.

Everything is mapped, what now?

Again, its pretty straight-forward.

[1] Scale down and move the UVW coordinates out of the 'square' for all object (so they don't overlap once merged).

[2] Attach all objects that will share a same texture togheter.

[3] Select every polygons and unwrap their UVW

[4] Move and scale the different sections so they use as much texture space as possible. For this step, I suggest to keep en eye on the object's checker texture to make sure they use a texture space relative to their size.

[5] When finished, detach the objects as needed.

[6] Run around drunk and naked to celebrate the end of this tutorial.

Edit: 3dsMax has an evil bug that causes the .max files to become incredibly big (sometimes as big as 10 megs) and eventually crash your computer. Remember the plugin I mentioned earlier (RemoveDeadUV) ? Use it every 5-10 minutes and collapse your stack regulary if you're experiencing this problem.

Looking for something else?

Gunner sent me an email about his technique:

I've discovered that you can go into sub-object face mode, select groups of faces, and designate them as named selections. Then I have all of the named selections organized (left arm front, left arm back, torso front, torso back, etc.). I select each one and designate each named selection with a separate material ID number.

After that is done, I go back out of sub-object mode and give the object a UVW Map modifier, giving it a box mapping method. This method seems to produce the best results for unwrapping.

Next I give the object an Unwrap UVW modifier. When I edit the Unwrap UVW, I can select which group of points I want to manipulate by choosing the ID number pull-down at the bottom of the Edit UVWs window. Initially, "All IDs" are visible as a tangled mess; all of the points and faces of the entire object are mushed together. But I can separate them by making each ID group visible, one at a time.

From there, I've been able to arrange the points onto a 256x256 pixel texture map that is applied to the object.

I came up with this method through trial and error, pouring over the manuals, and reading online tutorials I've found. It seems to be an effective way of organizing my work.