When comparing Neo Textures vs Substance Painter, the Slant community recommends Substance Painter for most people. In the question“What are the best programs to create procedural textures?” Substance Painter is ranked 3rd while Neo Textures is ranked 4th. The most important reason people chose Substance Painter is:
Since Substance Painter allows users to paint in full 3D, it can be used not only to paint full textures, but can also paint masks which can then be used in other tools (like Substance Designer) for material filter generators (like the ones used to make edge wear and dirt)
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Pros
Pro Powerful control on procedural nodes
Can easily modify all of the multipliers and alligorithm values of procedural generation.
Pro Faster than Substance Designer
Pro Open-source
Neo Textures editor is a free and open source project available on SourceForge.
Pro Allows you to paint in full 3D
Since Substance Painter allows users to paint in full 3D, it can be used not only to paint full textures, but can also paint masks which can then be used in other tools (like Substance Designer) for material filter generators (like the ones used to make edge wear and dirt)
Pro Painting and procedural editing of textures
Cons
Con No longer being developed
Neo Textures is no longer being developed. The project seems to be abandoned.
Con Doesn't support PBR
Neo Textures was created before PBR was a thing, and it's based on the deprecated Diffuse/Specular rendering pipeline, which is no longer used.
Con Lot of bugs
Con Expensive and impossible to run without an expensive graphics card
The free trial is the only thing free. You'll have to pay a lot of money for the full version, and even if you do get it, you will have to pay for an expensive graphics card to use it, which means a lot more money flying out of your wallet and/or bank account.
Con Cannot export in a procedural format
You can not export substance (sbsar) files in Painter.