It's 2011. Is it even practical to optimize by packing different non-tiled textures into one image for many effects (billboards, decals etc) anymore with today's hardware?
What I also want to know is how the performance gain is on portables these days as upposed to separate unique textures used.
What about the mipmap edge bleeding risk of it all?
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as for edge bleeding artefacts... i don't really know if there's a good way to completely eliminate them. a very small amount of padding can help up close if you really need them.
It definately worth doing on Android, state changes are still a big slow down