Worked with displacements a lot and have never come across this. A couple obvious ideas:
Have you tried sewing the displacements together? Select all of them, Go to the Texture Application Tool (Shift-A), locate the "Sew" button.
Are you sure the displacement brushes are aligned? Confirm this in a 2D view with the Vextex Manipulation tool.
Make sure the texture you're using for the displacements is intended for world geometry. Any texture with a models/props/ prefix (or similar) is one to avoid.