Like most things, there are good and bad implementations and seeing it too frequently can make it become annoying. I love it for things like Alien/Predator style games that are using something from the movies, or maybe a Batman game if used in moderation.
It does get to be tedious when you can only interact with certain objects by using it first and that kind of game play can be annoying. No, I can’t think of an example off the top of my head but I’m certain I’ve run into that kind of thing before.
I think console players are catching up on the massive difference between 30 FPS and 60+ FPS in first person games where the camera can move quickly. As TVs have improved along with the consoles, and some titles are able to be played at 60+ FPS, people are noticing the difference compared to newer titles that aim for 30 FPS as a trade off for detailed graphics and motion blur.
Plus performance mode reduces the number of times a game might stutter or have short periods of time where the frames have a massive drop compared to their normal rate.