I think less of an "end all, be all", and more of a capabilities gap filler. I've always found that if a person or product specializes in one specific function, the result is a far higher quality end product than an All In One (AIO) product solution.
This won't take the place of those devices that are purpose built for a specific function and which do a near flawless job even executing those functions. It will however, being as customizable as it is, be able to bridge the gaps between multiple specialized devices which are speaking slightly different languages, as well as be capable of providing a solution where there is not yet a device for a specific capability.
Ideally, everything would work seamlessly together based on a universal standard and configuration, but as we all can see, this is not the case in home automation yet, not by a long shot.