As for Displacement, I don't believe there ever was a real verdict. Truth is, I still don't really like it. Powers usually shouldn't just add to skills in my opinion, and I try to avoid the introduction of accuracy-boosting powers whenever possible.
Thank you - that's the kind of spur I needed to reframe the power. Should I perhaps reframe it as a variant of the Speed powers?
Until then, how does this updated version look?
Displacement [-1]Description: You are not where you appear to be. A glamor or other optical effect obscures your true location, making it difficult for opponents to properly target you.
Musts: You must have a high concept that would justify this power, such as Cloaked Malk, or Nevernever Mugger, or at the very least be something other than a Pure Mortal.
Skills Affected: Fists, Guns, Weapons.
Effects:Missed Me, Missed Me. You are under the constant effect of a Armor:2 against all attacks. This does not require your attention or concentration: should you be successfully ambushed, this bonus will remain. This is an optical effect, and can be ignored by an opponent using The Sight or another appropriate Supernatural Sense.
Enhanced Displacement [-1]. Your protection is upgraded to a Armor:4 against all attacks.
Invisibility [-1]. You are effectively invisible, protected at all times by a Veil of a Strength equal to your Displacement (the Sight is an appropriate countermeasure).
Blinking [-1]. When you purchase this upgrade, your power is not an optical effect: you are actually changing positions rapidly during combat, by stepping back and forth between the Nevernever and the real world. However, anyone who can simultaneously perceive the real world and the Nevernever is immune to this effect (the Sight is an appropriate countermeasure). This cannot be purchased in conjunction with Invisibility.
What Wall? With the Blinking upgrade, you are able to pass through most walls and physical barriers, reducing borders (page 212) by the amount of your Displacement value. Thresholds (page 230), however, will act as physical barriers to you. You can still be harmed by physical attacks.
What Bonds? With the Blinking upgrade, you reduce Physical Blocks and Grapples by the amount of your Displacement value.
Note: it will be up to the GM how to handle any complications of the Nevernever aspect of Blinking. The simplest answer is that Blinking creates a sort of proto-Demesne wherever it happens to be, which does not in itself attract (or make it vulnerable to) any of the Nevernever denizens which may be coterminous with that current location.
Edit: modified "Blink Maneuvering"