https://www.marmoset.co/toolbag/learn/pbr-theory is "just" a different way of doing things, and (especially with the roughness/metallic workflow) it's impossible to "get it wrong". The system will handle energy conservation automatically. Old ways of writing shaders easily allowed making implausible materials, such that i.e. diffuse + gloss exceeded incoming light, or inadvertent texturing made it happen by accident.
The bad thing is that pretty much all texture assets have to be thrown out the window and recreated from scratch. This may actually be bad news for modders who rely on old textures with effects baked in. Old diffuse color for wood may no longer work (due baked in effects that used to be okay), and you have to use a https://seblagarde.wordpress.com/2014/04/14/dontnod-physically-based-rendering-chart-for-unreal-engine-4/ to pick good values for i.e. roughness.
A PBR based material will look natural in any lighting condition thrown at it. Other types of materials may still have to be used for 1% of special materials. But 99% will be covered by a very generic type of shader that basically can't show anything hideous no matter what inputs you throw at it - it will look plausible (metallicness should be very high contrast though).
Physically Based Shading does not equal Physically Accurate Shading. A metal will (roughness/metallic workflow) be a base albedo color going to reflection color (as dictated by the metallicness value) rather than be based of complex fresnel for conductors (a custom facing gradient will be the best bet if allowed not to be driven by textures). Fresnel mix (diffuse/gloss) is usually driven by Index of Refraction, but this value is "arbitrary", or difficult to control in a deterministic manner (hard to guesstimate what you will get as an artist), and is often replaced by a facing blend curve to some fixed power (faster to compute) where artist controls its minimum value with a direct meaningful number. It's not more realistic, obviously. The power of PBR comes from less controls in the shader for the artist to mess up 
I wouldn't go as far as calling PBR buzzword and hype. It's fully possible to achieve awesome results without it. It's just that while using it, it's easier to achieve good results without spending too much time tweaking, hence you will get more good quality and reusable assets in the same time frame. It can't do everything, but will easily handle 99% of what typical gaming assets require.
That said, I do prefer other systems if memory is not an issue. But for game assets, sure, PBR all the way (until something better comes up).
Some interesting video about physical plausible shading here: https://www.youtube.com/watch?v=b8LFBX4x4qE