All of this is subjective to each person, so there’s not much point in discussing what you consider worth it or not. Recreating Lumen in the Land of Nanite with LODs, detail maps, etc. definitely wouldn’t have the same geometric level of detail, given all the cuts you’d have to make to optimize the geometry right from the start.
Besides, how many games have come out so far with that level of detail? None, aside from Hellblade 2, which is somewhat close. It’s extremely expensive to develop a high-poly game, and unless that changes in the future, it’s obviously not going to be practical for most games.
If studios just rely on marketing without doing a thorough evaluation, we’ve really hit rock bottom. Who takes marketing at face value? Ideally, no one though in reality it’s often the opposite, with games where Nanite brings no added value when dealing with low-poly meshes where the tech is simply overkill for what they need.
Epic should have been clearer that this technology was mainly intended for high-poly meshes and been more explicit about the real-world scenarios where it provides a real advantage. If you’re just rendering basic optimized low-poly meshes (like those from the PS4 generation) with a high-poly bake on top with nanite there’s no real benefit.
Personally, I’ve always seen Nanite as a way to render high-poly meshes and push the boundaries of geometric detail. It’s clearly not efficient for low-poly meshes, as LODs completely surpass it. Even if Nanite handles foliage much more efficiently in the future and runs 50% faster, it will still be overkill for rendering basic meshes.
By the way, Epic should improve the speed of VSM. I’m not sure how, maybe by using the Nanite fallback, which is low-poly, as an alternative method to accelerate everything. With some screen-space shadows, it might do the job to some extent. That would be welcome.