1. In the Output Window.
If you want to see it, ensure that verbosity is set to "info" level. The mi_ printing utilities are associated with the different verbosity levels. For example,
mi_warn, mi_info, mi_progress, mi_debug, relate to warning, info, progress, debug (detailed in Maya UI) level verbosity. In Maya, that is set in the Render > Render Current Frame (options box on right).
2. Keep in mind that displacement happens before shading. Conceptually, you can think of displacement as happening at the end of scene creation, then rendering starts. Its also called the scene pre-processing phase. So you could possibly create the texture in your displacement init shader. Or you could run your render in two passes.
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