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Currently the Vray Material lacks for displacement options, it would be helpful to have proper units, shift values and keep continuity. The modifier has these options but having them directly in the material would be more practical in some situations.
You have these options in the Vray Setting. Furthermore, you can use the check box from VrayDisplacement mode—use material. This will allow you to load different displacement maps in the slots in the submaterial, etc., and use the modifier on top of the whole object to set the proper units and shift values for these maps.
It has almost the same efficiency in render times and is actually easy to use.