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Uh - Mike, Poser (REYES) displacement is precisely and specifically called micro-polygon displacement. Sub-D has nothing to do with it. There's no need to conflate Sub-D with micro-poly displacement.

Let me ask you this. If I showed you a cube (six polygons) that with Poser displacement looks in all ways exactly like a sphere, would that prove to you that displacement in Poser is real and complete and capable of transforming a low poly shape to look just like a high poly shape, or no?

I really wasn't aware of that. I guess I have to rethink what "subdivision" really means. Apparently it has connotations beyond the obvious.
I know what you mean about the box-to-sphere thing. That's easy enough with typical sub-d in any modeler. I believe you, of course, but I'd like to see it in Poser and know how it's done if you have the time.