I have found that when a bumpmap has too great a contrast from pixel to pixel the rendering engine will render it as 0.
For example, have a one sharp black shape surrounded by a white shape. The border between the two has no gradation or AA.  The rendering engine will not render the black shape lower then the white shape.  
As a workaround I need to blur the texture.  I use .01, but I don't believe it's really any lower then 1.0.  Consequently, in the final render, the sharp edges of the paint (for my upcoming rusty paint texture) will look a little like putty, not sharp paint flakes.  The bump map looks ok, and I think I'll get the right result from Lightwave, but with Filter Forge's rendering engine it appears that the dark/light borders are rendered wrong.
the artist formerly known as Bongo51