For me impulse responses are like photos of a movie. As with everything, i think there are good IR captures and bad ones. The bad ones are the lifeless ones that Gyraf mentionned..
I've done a lot of impulse responses in order to share the sound of cool/exotic hardware pieces with the rest of the world (most of them are for free):
Flo Audio
To get a good capture you need to find the right gain staging for the machine, and then you've got to listen to the capture and discriminate
. It's not a set and forget approach, and it's not only about 'leaving some headroom', sometimes you have to really hunt for it if you want a more musical IR lol!
It will never replace the real thing, apart from reverbs, and eqs curves.. But it's a great way to share a little bit of the sonic imprint a piece of gear has, or even to have it at your disposal in the computer when you're not working from home!
And beyond capturing gear, i think it's a very interesting way to create new sounds, for example: i recorded the steam coming out of a thermos, ran it into a recording of the body of a flute, recorded the result, and there i had a new instrument lol
I've been working mainly for tv/movies music over the last 10 years, it's not the final answer, but it works
!