If I might, I think that article is fair, if not a little more gentle than necessary.
I own the hardware versions of the LXP-1/5 and the PCM-90. The "little guys" have a couple tricks which I employed often, but they do not hold a candle to their big brothers. And if I am being completely candid, the PCM series doesn't hold a candle to the 224, 300, and 480 - but we are talking about very different price points!!
With respect to software I did download and demo both the LXP and PCM bundles. I think both do a remarkably good job of emulating the respective hardware. I also think both are priced on the high side, and even if I did not own the hardware I'd probably pass on them.
These days I seldom use the LXPs, I do use the PCM because it still sounds "better" to me, maybe it is the converters, maybe it is errors due to component tolerances, who knows? And maybe it is all in my imagination - I don't discount that possibility. For whatever reason, I still use it, in spite of the hassles.
For the rest I tend to turn to plugins, and I have far too many of them<G>!
If my PCM-90 fails and I can't repair it I will consider the Lexicon plugins. Till then I like what I have.
Unless you are seeking something unique to the LXP bundle I would look elsewhere, either the PCM bundle or something else. Exponential Audio does a fantastic job of capturing that Lexicon vibe without copying Lexicon - and his reverbs can range from LXP-1 all the way through 480. Not exact copies mind you, but there is that "thing" that made Lexicon famous, and he seems to have figured it out.
A little further down the price range Valhalla has some amazing reverbs, I'd put them in the same league - different ranking - as the EA stuff. And don't overlook 2CAudio - maybe the easiest to use?
I'm not trying to downplay the Lexicon bundles, but I do think there are more cost effective and/or more flexible solutions.