[Pre-1.3] How to render elements only?
Note: this guide applies to pre-1.3 versions of Corona only. In the latter versions, a "Enable Filtering" checkbox has been added per-render element in their settings.
To render elements only (without the actual beauty pass), go to Render Setup > Scene > General Settings and press "Render only elements".
Note: this will only render elements that are not dependent on the beauty pass.
To render elements only without anti-aliasing, simply untick the "With AA" checkbox next to "Rener only elements" button and then press it. This is sometimes useful, for example for rendering Z-depth pass for further depth of field post-processing.