It really does depend on where one is using the service.

For instance, I hail most of mine in either SF and NY, and have noticed two things: (1) increase in driver initiated cancellations before surge pricing (assuming they'd like the higher rate); and, (2) a sudden influx of out-of-town drivers unfamiliar to the area hoping to capitalize.

There are many areas in SF and NY where a GPS simply would not suffice uncovering the most efficient route. For the same price, nothing compares to the efficiency of the NY cab driver. These guys know the most efficient route every time, when there's traffic, and have street driving skills without peer. For the same price, there is NO way I'd choose Uber/Lyft over a professional NY cabbie.

For me, when there's any kind of surging in ride-share, I'd opt for the traditional taxi, if available.