Given that this was fixed in the latest hotfix I tried it out again on some terrain.
It outputs the file, imports it and displays the proxy as in the attached.
Obj props says it has faces but it does not render and if it is imported as mesh then it is just empty.
So is there maybe some limititation in size that I’m hitting, or some other factor that screwing it up?
Can you attach the original geometry (with disp modifier) and the baked result so we can take a look?
Sadly my pc at the moment is having major issues so I can’t run Max at all.
Once I rebuild it or fix it I’ll upload.
I managed to get it to work on a smaller plane so think I maybe just exceeded its size limit.
The original size was 1mil cms so possibly it’s testable from that info…
Hm. I’m getting some results, although, they get progressively lower quality farther away from the camera, which is most likely due to the View dependent edge length option. Do send the scene whenever possible.
Yes, in my test the face count was very low, so would have been unusable anyway.
I have a tech call to try and sort out Max today, so the best I can do right now is this Dropbox - Error - Simplify your life
which is the displacement map, so you should be able to replicate my scene from that, as it was simply that as displacement on a 1mil cm plane.
Works fine on my end. Maybe it was a hiccup (as in the proxy couldn’t be loaded)?
Oh, well that is odd. I did try a few times and got the same result.
Once my pc is up and running again I’ll try once more.
Can you link me your file that works please? At least then I can eliminate anything weird going on here 
It’s a bit of a moot point, as I’ve had to find other workarounds for the project, though it’s valuable info for other stuff.
My point being; I needed the mesh to be able to give to my cameraman to use in vantage…the only way I could do it before the mesh export was fixed was to
use Max’s displacement, heavily optimised, as a stand-in, which was a bit of a struggle and much extra work to get something close enough to match.