Hi Rampa.
Please don't take anything I say here the wrong way. I just thought I would add a few of my humble opinions (not aimed at anyone) about what I have discovered and my observations on the subjects here.
I do reasonably with what I do but I am a learner and not a super professional, so these are only my opinions that are based on how I work (which is all ways my own way and not necessarily the "Professional Way" LOL)
I do listen and learn from others but then I merge the bits that I think are good ideas into my own ideas and my own ways.
Some might not agree with how I work but I believe everyone should do things in whatever way it makes most sense to them and not necessarily the "Professional Way"
Anyway, back to why I'm posting this
I agree, displacement is indeed a fantastic feature in iClone but like everything there is always both good and bad.
I actually tried displacement mapping for this first off and the first image below shows part of the reason why I ended up choosing to go with morph sliders instead.
I realise I could have corrected a lot of that by using gradients on the edges but, for me, texturing is the most tedious thing about modelling, the weird thing about that is that texturing is the most important part of modelling. Also I love drawing with pencil and paper but on a computer, I find it tedious.
On top of that, the second image is a completely naked Gwynn with nothing but displacement mapping and texturing to turn her into Wonder Gwynn.
Displacement mapping is pretty impressive but if you look closely at the edges, particularly the red square on the arm. I find that unless there is a mesh edge that completely follows where you need a displacement edge it is extremely difficult to get that edge to go straight and smooth.
So in summary, displacement mapping is indeed a valid option but for me it would take too much effort with the texturing and I much prefer modifying the mesh instead. Also the morph sliders makes it easy to control the size of the moustache and the beard. And finally, the most of the morph sliders effects could also be done with displacement but we wouldn't get the easy control like we do with the morphs. So that's why "I" chose morph sliders
i7-3770 3.4GHz CPU 16 GB Ram
GeForce GTX1080 TI 11GB
Windows 10 Pro 64bit