Soft-ish plastic will certainly never replace resin, or even metal for fine detail quality, but it has a definite place for making large figures economical. GW would probably be asking triple digits for something like Borborygmos, for ex, and boutique resin versions wouldn't be much if any cheaper. Much rather pay $15 for a nearly indestructible model that still looks presentable on the tabletop even with my painting skills.
The various formulas for the stuff have come a long way since (say) Mage Knight or the original white Bones stuff from Reaper - and Bones Black and USA are both nearing styrene for firmness, although they still lag a bit for really fine detailing.