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Using Another Window Manager
Xfce works nicely together with other window managers instead of xfwm4.
General Configuration
Replacing xfwm4 with the window manager of your choice is quite easy. Run
<command of your wm> --replace
and save your session. The change will be applied in an instant.
Or, if the WM of your choice does not support the --replace
switch or you do not want saved sessions, use
xfconf-query -c xfce4-session -p /sessions/Failsafe/Client0_Command -n -a -t string -s "<command of your wm>"
This needs a restart of your session.
To make the change on a global scope for all users, alter
/etc/xdg/xfce4/xfconf/xfce-perchannel-xml/xfce4-session.xml
and change the appropriate value.
As soon as you run another window manager instead of xfwm4 you will lose your support.
xfwm4 integrates its own compositor for hardware acceleration. You have to provide your own compositor if your alternate window manager doesn't provide this feature or you can't use things like real transparency, tear-free playback, window previews or drop shadows.
Compiz
Just don't use it. It is outdated. Upstream is dead. Canonical took over the development, but only for Unity, so don't expect proper packages outside of *buntu.