When comparing Neo Textures vs Substance Bitmap2Material, the Slant community recommends Neo Textures for most people. In the question“What are the best programs to create procedural textures?” Neo Textures is ranked 4th while Substance Bitmap2Material is ranked 7th. The most important reason people chose Neo Textures is:
Can easily modify all of the multipliers and alligorithm values of procedural generation.
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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 Generates several outputs from a single image
B2M generates any output that you may need from a single image automatically (base color, normal, metallic, roughness, ambient occlusion).
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 Comes at a price
Sets you back over 100 dollars.
Con Not a complete tool
B2M will only allow you to create a normal map from an existing image. You cannot create a custom texture from scratch with it.