VFDs are one more tool in the tool box, use it when it is proper to do so.
Valves are here to stay, simple, reliable, and on low specific speed pumps they are often more energy efficient than VFDs (yes, they save more energy than VFDs can on the correct pump).
But one we often forget is no valve no VFD. I like that one best when it can be done, and it can be done more often than people think.
I have replaced many complex pump stations with a simple and carefully selected pump on systems with well known hydraulic characteristics, even when flow rates vary greatly.
I had an exchange with a consulting engineer for the Feds about energy conservation. I was questioning his approach where the Feds go into a factory and analyze then make suggestions about the motors and pumps to save energy. He surprised me when he said that he first tries to eliminate any controls with a more correct pump, trim impeller, change the process, etc. If that is not workable, then step up to a VFD or Control Valve, whichever resulted in the highest energy savings.
notnats brings up a valid point about durability. There are local areas in the world where VFDs just have trouble due to transient surges. The areas I know of with dead VFDs hanging on walls, replaced frequently, or having been replaced by control valves are Central and South Florida, Houston, Venzuela, and any area where daily thunderstorms simply wear out VFDs. In those areas VFDs are still used of course, but in many cases they continue with VFDs because they can actually bring great benefits in the right situation.
Silicon will never be able to resist serious transients, and at some point protecting them becomes impractical.
PUMPDESIGNER