Light-mapping is a technique for approximating the global illumination in a scene. It is very similar to photon mapping, but without many of its limitations.
The light map is built by tracing many many eye paths from the camera. Each of the bounces in the path stores the illumination from the rest of the path into a 3d structure, very similar to the photon map. To some extent, this is the exact opposite of the photon map, which traces paths from the lights, and stores the accumulated energy from the beginning of the path into the photon map.
Although very simple, the light-mapping approach has many advantages over the photon map:
Even with these advantages, light mapping is similar in speed to the photon map and can produce approximations to the global lighting in a scene very quickly. In addition, the lightmap can be used successfully for adding GI effects to animations. Here are some examples.
Unfiltered lightmap, 100 (one hundred) light bounces.

Irradiance map for the first diffuse bounce, and the light map for secondary
bounces:

Noite: the Sponza Atrium model is created by Marco Dabrovic (http://www.rna.hr)
Unfiltered lightmap, 100 (one hundred) light bounces:

Irradiance map for the first diffuse bounce, and the light map for secondary
bounces:

This simple animation was rendered with a filtered lightmap only:

Follow this link for some comparisons between lighting solutions produced by radiosity in 3dsmax and VRay.