Spikes like this are common on edges of open meshes and on UV boarders (especially when using 16bit maps). I have also gotten spikes in areas of triangles and Ngons in the mesh.
There may alo be a fix involving the smooth parameters in the Displacement Exporter plugin but I have yet to experiment woth that option myself.
I would reccomend smoothing the mesh once and using a 32bit map instead of 16 (if you are not already)
Hope that helps,
Scott