Even so, I have had a few more ideas on how to improve parallax occlusion mapping. Lately I have been reviewing Fabio Policarpo's paper on the latest version of it that uses a per-vertex quadric to approximate the mesh's surface curvature. This is done to allow for realistic silhouettes.
The idea is sound, and from the paper it runs at interactive framerates. But the paper gave me a better insight into how to represent the fine surface details of the mesh with respect to the 'macro' geometry of the vertices. It may be confusing right now, but I am likely going to do some more research on these ideas and possibly put together a paper on it.
You will definitely be hearing more about it...