It really is, for what you get out the other end. Consider me one of the converted.
To my mind, WPO does the same thing (basically?) on a highly tessellated mesh, regardless of how that mesh was tessellated, either on-the-fly or ‘nanotized’ up-front.
Given 5.1 will support this, I’m in the ‘im-good’ category, esp-with improvements to the heightmesh (mipping-issue aside).