Greater mudbox - max integration
-create base mesh in max
-import into mudbox for further work
-import back into max but so that it would come with a modifier stack that has a) base mesh as editable poly b) a "sculpt" modifier that works like turbosmooth as in you can increase or decrease subdivision level but it would mimic the exact way the model appears in mudbox
then in between the base mesh and the modifier you can add skin and morphers and whatever basically.
This way you can skip all the cumbersome displacement baking action if you wish to manipulate the lowpoly mesh instead the multi million poly mesh (which EVERYBODY does :p), the end result would look better, render faster and the developer will save hours of hair pulling.
"EVERYBODY" is dead on. I just want to also mention that implementing native Ptex support should be a necessity with this idea. Mental Ray now supports it in 3ds Max 2013 so all we need is the GUI. Most of your competition (about 75% and growing) supports it already to some extent and it's a great way to make seams invisible when rendering with normal & displacement maps, a major selling point of Mudbox. Just need to make sure vertex order doesn't change when using modifiers like turbosmooth and symmetry which mess up Ptex.