
(Subdivided plane from hell - slows blender to a crawl)
Instead of physically subdividing the plane, use a modifier (or two!)
Choose Subdivide, and choose SIMPLE subdivision, rather than the default Catmull-Clark - note that blender's subdivide modifier only allows you to go up to 6, so if you need more subdivision, add ANOTHER subdivide modifier below the first. Just make sure your displace modifier is last.

Also, turn off the "view effects of modifier during interactive display" button, you can see in my example, that it's unchecked.
Now in my viewport, the plane is ... well, plain. nice and fast!


