In practice, I never really used it. I toyed with it once or twice, I turn it on every time because with jpg it often yields marginally lower file sizes anyway (in gimp you can preview file size and looks), but never heard anyone say "what was that magic" and whenever I see it on websites I think to myself "yeah okay that 20x20 pixel image, it could have saved a render cycle, this is useless and looks terrible" before it downloads to 100% before the next render cycle.
So I'm not sure it will really be missed, even if you saddened my inner nerd. I really do like the feature, it's really neat to just load as much as you wish and get however much 'quality' fits within that data size.
I guess it depends at what point it does the first render. I rarely see images load progressively in the first place, but when I do it's usually with an initial render that looks like 1967 needs their image back. My guess is that it's busy downloading the many/largeish js/css files that prevent it from getting very far on images before the DOM is ready for initial render.
I honestly could not tell it was still going after the 2nd progressive layer.