There is a difference but option and shift.
Option parenting will take in to account and initial transforms and parent with that offest. Shift parenting zeroes out any transforms. (This was added more recently)
Say you have a 100x100 solid (layer1) Duplicate it. Parent to the original. Then offset it a few pixels. Duplicate that layer and option parent layer3 to layer2. It will then have the same offest to layer2 as layer2 has to layer1. Rinse and repeat and you have a quick way to create a pattern of layers. This take in to account all xforms
Now if you shift parent layer3 to layer2 instead of option it will wind up looking exactly like layer 2 with no offest. Xforms will be zeroed out Interesting. Only Option on the Mac I think. Brian, on PC at least, either Shift or Alt works the same, apparantly
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