Parallax mapping adds depth to flat surfaces to simulate greater detail. Complex materials let authors create more advanced specular properties on assets, including the use of Dynamic Cubemaps.
PARALLAX

Terrain Parallax requires all landscape textures are made to support parallax. Vanilla Complex Parallax - Landscapes is a great option!
Community Shaders includes significant performance improvements for terrain rendering to offset the performance cost.
Parallax mapping is bandwidth-bound. To improve performance you can recompress parallax textures to BC4.
PARALLAX SHADOWS
All parallax materials include support for approximate soft shadows. This is a cheap effect which applies to all directional and point lights.

COMPLEX MATERIAL
Complex Material / parallax ENB guide: | Modding.wiki
Includes support for the Complex Material specification which makes use of the environment mask. This includes parallax, as well as more realistic metals and specular reflections.
Complex Material support is based on the nexus guide which includes a specification for the technique. It may not be identical to ones used in other shader mods.
May lead to some warped textures on modded content which have an invalid alpha channel in their environment mask, e.g. the Durzog in Immersive Creatures.
Does not support complex skin shaders as no mod uses this feature.
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