In practice there's a spectrum and different cultures do it differently, but it's worth considering the implications of what you say, evaluating them by Grice's maxims (what you say should be only as long as needed and useful to your listener).
When you say "I love your sweater", it implies this is information they would like to have, which would only be true if they cared about your personal opinion, aka it's a high status move.
When you say "your sweater is amazing", you're phrasing it as a neutral observation, and maybe they'd appreciate people noticing their good taste in general, but the compliment is more towards the receiver's good taste than the complimenter's good taste.
But these "natural readings" are only true depending on tone and sensitivity you share the compliments with. It's also "humble" to only share your opinion rather than try to make a true fact of the universe, so "I love your sweater" can be the right move even if you're indeed lower status than who you're talking to.
Btw between friends I recommend both treating the other as high status.