I found user request binds to some 3ds Max 2011 issue with Compact Material Editor and Put Material To Scene. The issue: The Material Editor's "Put Material to Scene" button no longer works in 3ds Max 2011 (the scene not updated).
Official solution for this issue suggest to use "Assign Material to Selection" button and to choose "Replace It" option when "Assigning Material" dialog appears. That's a very slow, time consuming solution for scenes where need to update many materials.
So I understand the user who search for script to automatize this task especially when intended to update quickly the scene from material library (.mat file). And I wrote a macro script (you can get it from my web site) to serve as fix for this issue.
I need to say that I'm still work with 3ds Max 2009. That mean I can't test it myself, but as the Max functions in the code are fine, there is no reason to worry if the script will work on Max 2011, but just to be sure, I'll ask (soon) a friend of mine to check it out on his Max 2011.