This was really annoying me.
My OBJ's were coming out really bad, and as a result, my textures were coming out terrible.
So all you need to do in order to FIX this...
in Max
go to Export selection.
Choose the Preset "NONE"
- Geometry Flip YZ - ON
- Set "Faces" to Triangles
- Texture coords, Normals and Smoothing groups ON
- Under Optimize - Vertex, Normals and Texture Coords OFF
- Precision 6
It seems that the Optimize part and the Faces type are the main things that mess up the geometry.
Hope this helps someone!