Nope, I've been doing/playing with it with images and paint shaders for months, it works to a point but it isn't what I was after. This, however, is. Entirely procedural displacements. You don't even need computed normals because it's on a plane object which will convert the crater to the lateral of the plane's vertical.
As said, this is just a proof-test, cheap and nasty. The edge jagging will come tommorow when I start with a redirect shader(maybe more than one) and some strata on the walls...
Stay tuned, it's all working just as it should, so far. I've literaly just 'got it' in the last few minutes so I'll update it and really make it something better than the above soon...
Neuspadrin: Ha-ha, this cave is actually 100m across, I've fooled perceptions with this test, it looks smaller.
If you make the crater, say, 1000m diameter and zoomed further away, whilst adjusting fractal displacements on the walls to match, this could be easily(I'm hoping) blended into a coastal landscape etc. with some creative licence. I'll plug at this tommorow, got to sleep now, working in the morning.