Item Moniker IMoniker::ParseDisplayName uses IParseDisplayName in the same way as a File Moniker does. Note that it requests this interface from a different object than the one that supplies the IOleItemContainer interface used in IMoniker::BindToObject, and so forth: it asks for IOleItemContainer of the object designated by the moniker to its left, whereas it asks for IParseDisplayName of the object that it (the Item Moniker) designates.
Send feedback to MSDN.Look here for MSDN Online resources.