The problem with displace for detailed modeling is that displace
leaves 3D jaggies on curves, even when using huge "tesselated"
meshes.
(I would love to see a version of Displace that could "optimize" the
displacement map "intelligently", based on edges detected in the
source image…)
Even so, the other IPAS Disk #7 utilities have been indispensible to
us!
In my humble opinion, the shaper is still the best place to start modeling from
2D graphic design.
-Donald