Yeah... well... never said it was flawless
This usually happens when you export to 3DS and leave the "Archicad objects (native output)" option selected. Either use "Element types - Surfaces" if you want to keep separate objects (but still grouped by element, i.e. a wall, a chair, etc.) or use "Surfaces" if you want to organize the linked model by material.
You might also want to check the link preset options. Either use the "Revit - combine by material" one or create a new preset to handle FBX linking.
Smoothing groups will probably never land correctly but I rarely have issues, as most AC geometry used is flat, and furniture and other elements in 3dsmax come from other libraries; and terrains and such get usable results with the smooth modifier.
Oh... and you will need to adjust UVs in max. It's faster than in AC.