Material editing workflow is easier now with the 3D Material Drop and 3D Select Material tools in the 3D panel. With the 3D Material Drop tool, Option-click (PC: Alt-click) a material to load it and then click anywhere to drop it to another part of your model, another 3D mesh, or another 3D layer. Use the 3D Select Material tool to help target the right material as indicated by the material picker thumbnail in the 3D panel.
Adobe Photoshop CS5 Extended
By Zorana Gee