Overall, it's a somewhat bizarre state of affairs. The smoother frame-rates on the current build of Grand Theft Auto 5 are clearly a boon for PlayStation 4 owners, with the overall performance profile of the game now shifting ahead of the Xbox One version in all areas - something that definitely wasn't the case during the game's launch period. Losing parallax occlusion mapping is a blow though, particularly if you're using the first-person perspective mode, where the effect is much more pronounced than the standard third-person viewpoint where the omission of the effect isn't so noticeable. If it is a straight trade of POM for frame-rate, we would take the smoother overall performance.
The thing is, it's difficult to believe that there is a straight trade going on here, particularly when the absence of the effect on Xbox One makes no difference at all to the game's overall fluidity. We would also expect to see texture filtering quality increase with the removal of parallax occlusion mapping, perhaps with improved anisotropic filtering. However, while it's no worse than the launch code, as has been suggested, it's no better either. Our gut feeling here is that the removal of POM is a bug, and hopefully one that will be rectified in an upcoming patch.
More: http://www.eurogamer.net/articles/digitalfoundry-2015-has-rockstar-really-downgraded-gta-5