Well that wasn’t too hard to get working: https://dl.dropboxusercontent/u/7662877/POM.png
Works pretty well, but I noticed that a high amount of depth seems to put the material in shadow for some reason, whether that be the height ratio or simply the result of a large object it’s applied to. Not using the pixel depth offset seems to resolve problem.
I haven’t quite been able to figure out how to get the self shadowing to work, assuming it even can work on a normal mesh instead of just a decal.