I have found some really interesting uses for the
Liquid Decal component. The way it wraps around surfaces makes is very useful for many things.
The problem is that it currently has no collision detection, and
HitResult ignores it completely. So there is currently no way to determine if a weapon projectile impacted a Liquid Decal. If you could add hit detection to the Liquid Decal, then I can use the decal in a lot more interesting ways.
A workaround is to place a hidden core object, like a cylinder, in the same spot as the decal. The cylinder does detect hits, but it does not wrap around objects like the decal does, so it is really not a viable solution.