As far as I know, we've always been allowed to make textures and displacement is a texture, nothing more. You may have to directly maniuplate the mesh to get those baked displacements, but the final result can not be used to manipulate a mesh other than with the texture itself. Besides, morphing is direct maniuplation too and that's allowed.

FWIW, I do understand the shrink wrap thing. Technically one could create a body bag from that.

Laurie