Is there any point to IPSV?

It seems the debate on the (ir)rellevance of IPSV (Integrated Public Sector Vocabulary) has burst out into the open again. I can't help but empathise with the unamed 'expert' mentioned in the PSF article who states that "There are currently no benefits to implementing it, unless it's used across an organisation and integrated using an EDRMS – and it looks like no one's doing that." I've previously questioned the mandated use of IPSV for subject tagging of public sector web sites. The schema is uneccessarily detailed/over-complicated, and these days most search engines do not rely on subject metada alone (or even at all) to classify or organise results. Who will be brave enough to admit that the huge intellectual investment put into developing and implementing IPSV has been largely a waste of time?!