Use Texture Node Editor for Displace Modifier

When adding a Displace Modifier, I can use simple textures to add true geometry deformation. However, there is only very basic control of placement, size and other important aspects. The use of Texture/Shader networks is not possible, and the usefulness of the Displace modifier is very limited in it's current form.

It would be great to utilize the full might of the Texture/Shader Editor with the Displace Modifier. Combining procedural with image textures and precise placement/falloffs would open up a whole new range of possibilities.