Hello Ben,

It will load-balance between a path learned from a CE via eBGP as well as
the one learned from other PEs via MP-iBGP to which the CE has a redundant
connection to. 
This was actually used prior to PIC to program both paths into the HW in
order to achieve fast convergence. 
The downside is that if you change local-pref on the PE acting as backup,
than on the primary PE the secondary path is not programed into the HW. 

Enabling PIC alongside max-path eibgp allows you to utilize best from both
worlds. 
Should the customer require load-sharing it's there with fast local repair. 
And If primary/backup is required the same fast failover is maintained. 

Oh and both features require "advertise best external" to be enabled on all
PEs. 

adam

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