Is There a Real Use Case for LISP, The Locator/ID Separation Protocol?

LISP is a protocol that pops back in the news just when you might have forgot that it existed. It happened again in June when Cisco re-launched LISP for fast mobility at their annual user conference, complete with an on stage demo and much fanfare. While the demo’s are impressive, the history of LISP makes me wonder what is going on behind the curtain. This isn’t the first time that Cisco has proposed LISP for a new use case. In 2011, Cisco positioned LISP as a solution for IPv6 transition and virtual machine mobility, along with VXLAN and OTV, creating a triumvirate of proprietary protocols to further pioneering use cases. But is there real value in LISP?

What is LISP? 
LISP is a protocol and an addressing architecture originally discussed at the IETF in 2006 to help contain the growth of the route tables in core routers. The LISP proposal which was submitted in 2010 is still under development as an experimental draft in the IETF, see link.  As far as I have see there is not much consensus regarding the usefulness of LISP, and it has several open issues in the areas of security, service migration and deployability. Because the cost and risk associated with LISP are significant, network operators have scaled their routing systems using other techniques such as by deploying routers with sufficient FIB capacity, and by deploying NAT.