Okay.
After considerable effort, I think I have a solution.
The problem is not specific to Prim Composer. If you Render To Texture in Max 2009, you get the same problem. It doesn't show up in the frame buffer that gets displayed on the screen, but if you look at the file that it produces, you will see the same over-exposed whiteness. And although the frame buffer looks nice, we can't use it because it has anti-aliasing and no padding.
I don't see the problem in Max 9. Seems like it came in more recent versions of 3ds Max.
Anyway, once I realized that it was a general problem, I started searching and I found several threads about it. For example:
These threads talk about the problem and hint that there might be a solution, but don't really suggest what it might be.
Then, I found this thread: The Area | MR Render to Texture problems…
I'm not sure if this is the best solution, but so far it is the only thing that has worked.
What you need to do is to go to Rendering>Exposure Control… and change the exposure control from mr Photographic to Logarithmic. And make sure that Exterior Daylight is checked in the Logarithmic Exposure Control Parameter rollout.
This seems to fix the problem. Let me know how it works for you.
–Shack