If the hardware allowed it, isn't more desirable, to actually take those high res model that they used to generate the normal maps for poly bump character and use that in the game ?
Also aren't we suppose to be seeing per pixel accurate displacement map for VS3.0/PS3.0 ? Wouldn't that generate an enormous quantity of polygon too ?
Take a looi at the detailed bumps on something like the characters on the second 3DMArk test - something thats simple for a fragment shader, but what type of poly requirements would be needed to do that with geometry?