"displacement map" is, as I call it, a tool for lazy ones. As of some time I don't use it at all.
Using some channel from the image itself usually gives you just some chaotic bumps. Sometimes, if you are lucky, it looks good. If a viewer does not look close, that is ...
But if you really care, you will notice that some "bumps" are pretty irregular and look pretty strange.
Or you willl have to work very hard on that "displacement map" channel. You we'll have to manually decide where and which tone changing is due to object form, and not some falling shadow or a natural object tone like white teeth and black hair. And if it goes the right way, but not the other way around.
Hold it in your mind that the resolution of the displacement is just 128 pixels and never more. If you work on hi-res images expect to see artifacts, like banding for one...
"displacement map" is very much of the help if it is some external map... And then there are lots of uses...
But most of the time it's just useless junk...
I use Liquify tool with some channel as as mask for addjustments for these things.
But, as I said, sometimes the client just says: hold it, this is great, I buy it... Then just cross and forget it like some bad nightmare...
P.S.
1. Most of the tuts suggest making the separate document for the "displacement map". It's not really necessary. You can make the map right in the source image. Just make the map on some layer and save the document. Then you can use the original doc as a "displacement map".
2. Using the "displacement map" is quite tediuos in Photoshop. If you have After Effects it could be much easier to use "displacement map" effect and make the addjusments(Blur, Levels, Curves, etc) and preview the effect in real time.