I've tested the demos from both, and by my eye CrazyBump significantly outperforms ShaderMap Pro in the files that I've thrown at it. CrazyBump in particular seems to preserve much more detail and offers more options for tweaking. Here's a quick example:
CrazyBump:

ShaderMap Pro:

Now, of course they're probably using slightly different shaders, but even just looking at the normal & displacement maps, CrazyBump has definitely preserved more detail. ShaderMap seems to have overly blurred the results, leading to a more plasticky feel even with this natural texture input (BeachStones.jpg from our media folder). I've tried playing with the settings in both, but CrazyBump consistently gives me better results.
Is it just me? Right now, I'm inclined to shell out the extra for CrazyBump, but I'd welcome some feedback from more experienced people on these or possibly other tools.
(If you're wondering why I'm suddenly doing this, it's because I need some nice textures with normal, displacement and specular maps for my new terrain texturing tests later).










