Here are the steps for testing out the new microdisplacement possibilities in Blender:
1. Switch to Cycles render engine
2. Go to user preferences –> system –> enable opensubdiv compute (choose CPU as the compute device unless you have a good graphics card)
3. Set feature set to “Experimental” (on top of the render settings)
4. Add a subdivision surface modifier to the default cube and check “use opensubdiv” and “adaptive”
5. Add a material to the cube and set it’s displacement to “true” instead of “bump”
6. Go to the node editor, add a noise texture and connect it to displacement
7. Control the intensity of the displacement by adding a math node in between and setting it to multiply
8. Turn on preview rendering (in viewport shading). You might need to tab between edit and object mode sometimes to refresh the preview.