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When noise ( or image or anything else ) added to the volume shader in max only the surface displaced outwards but it doesn't seem to create 'holes' thourghout the volume - am I missing something here or is this something that doesn't work as it does in maya base on @Lee Griggs 's tutorial ?
Are you using an Arnold Range node to set the amount of displacement? Use a negative value for Output Minimum and you should get displacement pushing "inward".
But that will still just push the surface inwards - what I'm hoping to achieve is holes throughout the volume not necessarily connected to the surface - something you'd see in cheese or bread.