The main problem with PL for most business users is that it does not give them a way to launder company money for personal benefits like free nights for personal travel.
All the other reasons are valid some of the time but mostly rationalizations. With sites such as
www.biddingfortravel.com, you can often pinpoint exactly which hotels you will be getting rooms in and can very often stay at a better hotel than what the company would permit on a regular rate. The good hotels on PL stays have always given me a decent room.
I am willing to pay a little bit over PL prices in certain context but not 2-3 times more.