I finished another plug-in for Maya back in November that will displace a polygon's vertices in real time. The plug-in moves the vertices in their normal direction based off a grey-scale 2D texture.
The node is based off a deformer which will allow a change in the set membership. During each frame, the active vertices in the set membership will have their UV coordinates queried based off a given UV Map. Then, using the color input of the displace Mesh Node, a color is retrieved that will be used to displace the vertices in their normal direction.
Currently the node only works with 2D textures, which does include image sequences. In the example video all the polygon meshes has a high density for a more accurate representation of the 2D texture. the example in the bottom right corner is 150 by 150 vertices.