After a good insight from a buddy of mine, I went ahead and made the little droplets truly displaced as well:
There’s no increase in geometry, apart of a duplicate can object, that takes care of the small droplets. The displacement happens at render time and uses Blender’s adaptive subdivision, in conjunction with the experimental true displacement to generate the droplets there, where they need to be generated and thus keep the render time down. Here’s the old result for comparison:
Haven’t done much 3D in recent time, so here’s a nice can of Poly-Pop! Don’t drink it all at once.
Here’s also a nice little matcap of the scene, so you can see that there’s almost no geometry in it.