PS does not save you render time…..it is designed to save you setting up a complex node network and has Fresnel built into it… Blender Guru has a nice and short presentation of the node advantage of the PS….I use it now to save me lots of time for the initial setup…..
also, the displacement is now part of the 2.79 so you no longer need to be in “experimental” on the render and if you look at the modifiers, subserf, etc you will see they have added three levels for detail work and I like the sculpt variable…helps keep the computer from loading down during development.
as to the displacement, you can now run your normal map into it on the material out and it will work if you want…… if you have a displacement Tiff that is more detailed, you will want to use the old method but would suggest you make sure you use the double math-nodes (sub – 0.0 + Multx10) between the image texture and displacement input and you get a nice displacement affects… see nutlZs video https://www.youtube.com/watch?v=l1ASzhU9O-A&t=1110s on usage
But: on the displacement, you still right now have to go to Experimental if you want the BUMP selection in displacement in the materials…. I read somewhere where they may get rid of it and other say no…. maybe one of the CGC gurus can update us on that….but it can cause a difference and I noticed there is a bug because some times that selection messes up the material…but you can go to solid in the 3d View then back to material and it seems to correct itself…. I like to be able to control my displacement so I probably won’t be using the normal map as an input…will add pic later….