If they are replacing it with PiP, it's a definitive upgrade. Instead of wasting an entire 1/4 of the screen you can just use a tiny square. Much better.
Maybe it's not a much used feature, but it's definitively great and I would like to have something like that on other consoles. Normally people don't want to game and do other stuff, but I would use it to follow a soccer game while playing.
I like it somewhat simply because when I play gears of war 4 elimination, waiting for your turn can get boring.