Alembic layering is a new system introduced in Alembic 1.7 that allows for other alembics to be used as overrides on top of alembics. The alembic support in 3ds max is already very strong as of 2019.2 but adding layering support would push it to another level, really allowing efficient assembly workflows inside of 3ds max, similar to those available in Houdini and Katana. Which would help keep 3ds max a viable assembly and lighting tool in the modern vfx/cg animation environment.
Here are some examples of what you can do via layering: (from the alembic release notes https://groups.google.com/forum/#!topic/alembic-announce/LtnZEflOSwQ)
You can add additional properties to a shape.
Example: Adding UVs to a polymesh that currently lack them
You can override properties.
Example: Override static points on a polymesh with animated points.
You can add new objects.
Example: Add a shape to an existing hierarchy.
There's a few more examples in the linked release notes.
I've done a quick mock up of how the Current Alembic system could be updated for a user/UI point of view based on the current alembic container workflow.
Natively in max with a point cache workflow, updates from different departments with some restrictions can be applied in parallel in a final assembly scene, a new mesh with UV's can be supplied and still be used with a point cache generated at anytime from animation(assuming point counts do not change). Character FX could supply a new point cache, that can be applied to the specific objects that simulation has been done for.
This is ideal on a big production with lots of departments all needing to work in parallel but is limited as point caches need to be generated compatible with pc2 in 3dsmax and mesh files are required to be max files loaded in with xref objects(which become limited for adding complex modifier stacks or tweaking say vray displacement overrides or redshift object properties). Where as alembic is becoming more and more commonly supported and being used as the primary interchange format between Maya, Houdini, marvelous Designer and other specialist tools used in a modern pipeline.
But in an alembic workflow without layering, changes like this would require an entire re-cache of the entire animation, with all updated elements already applied, which is very wasteful on processing time, setup time and disk space. Alembic layering would allow a very parallel and efficient use of alembic caching between different departments up to and above old point cache workflows, while maintaining maximum compatibility with other DCC's in a pipeline like Maya and Houdini.