Virtual Displacement Mapping
Also known as “parallax mappingâ€, this effect is actually an enhanced version of normal mapping. It can produce a stunningly real three-dimensional appearance on flat surfaces, without the intensive tessellation computations and extreme polygon counts required for true displacement mapping. In addition to a base texture, it requires a corresponding normal map and height map to work. With SMARTSHADER HD, performance of this technique is similar to that of standard normal mapping.
For an even more realistic effect, Virtual Displacement Mapping can be combined with horizon mapping to capture self-shadowing effects. It also works nicely with 3Dc, which can compress the normal maps and allow more detailed ones to be used.
I'm not techy enough to go deeper into this, i say what i see
oh, and not forgetting subsurface scattering? the point is - who really see's ps3 as a major benefit right now?
I've read a lot about ps3 and pretty much everyone knows its not going to be an issue this generation anyway, and if developers use tech such as 3Dc (which a lot have stated they will) then more for ATI