I was looking into this today as a possible way of adding detail to our monster. If the render time doesn’t get to high I was thinking that this method might work well in conjunction with adding some painted detail. The first image is the base, low resolution mesh that I made in Maya and the second is what I sculpted in Mudbox as a test.
I then exported the displacement map from this sculpt back into Maya. At first I forgot to create a subdivision in the MentalRay approximation editor which renders a hard edged result.
Turning on the subdivisions creates a smoother render. More subdivisions are needed for more accurate detail (I found 5 was good) and I was afraid this would increase render time but they all took about 50 to 53 seconds.
Using the mia_material_x with a bumpy texture like this creates some nice speculars. Something like this might look good inside the slimy surfaces of the monster’s mouth:D