Pathtracing is a "bruteforce" approach to radiosity comparable to montecarlo algorithm or like fprime/lw works. Photonmapping is a simpler/faster way to shoot bursts of photons and approximate the global illumination comparable to lw's own interpolated radiosity mode. On top on this interpolation we add FinalGathering to further improve the solution and accuracy.
Bruteforce pathtracing can be very easy to setup and effective in both time vs quality as long as there aint to many bounces. As a thumbrule i would advice to use photonmapping if you need more than 8 bounces or recursions.
The difference between pmapping/lmapping is that pmapping is light's or objects emitting photons in all directions. Some photons will eventually hit something and get stored in the irradiancemap.
With lmapping we reverse the process by tracing photons from the camera to the objects instead and store that in the irradiancemap. Lmapping is almost always faster (since we need to shoot less to hit anything) but there is situations wich makes photonmapping more efficient than lmapping. One example that work's truly bad with lmapping is when you put a lightsource inside a sphere wich have translucensy/refractions/transparency applied to it. Then it will be very hard to trace from the camera through that material and try to hit/find the lightsource. In the above example lightmapping will produce heavy artifacts almost nomatter how high values you use. Switching to pmapping will easily solve the situation.
Emitted/received is just a switch to measure different things.
If you dont want Kray to shoot more than 200.000 photons in total, from all lightsources, because otherwise it would take to long time, use "emitted"
If you instead want's to be sure that no matter how you set up the scene, you should always get minimum 200.000 hit's before it continues, use received.
Happy Kray'ing
