With the new raytracer for objects you can't render objects anymore with real displacements. Instead the displacement image/function will be interpreted as a bump image/function.
So there's no added geometry but it's being mimiced.
About a year ago Crazybump wasn't compatible with 64-bit windows, now it is

I've have obtained quite nice results using this easy piece of software to get nice bump-maps as well as specularity masks, which work nice with the new raytracer.
Will post some results after the weekend.
Martin