I've worked on a project where the git repository was man gigabytes - because at some point someone decided to put some binary files in the repository, which periodically got updated - now years on the repository's about 10GB, and you can't really delete the stuff clogging it up without rewriting history from years prior and making the 200 devs life hell.
Importantly, you do need all that history, because there are commits from the same time that are relevant.
I agree that git is weak for binaries, but the only binaries I need to keep in it are a few images and installer - nothing that has many versions, nothing that causes me problems. Similarly, a lot of open source software is mostly made up of code, not blobs.
As for distributed work, even when I'm the only developer on a project, it helps not to have to worry about a central server, especially if I'm on-site. It's also hugely faster than SVN ever was.
Better to abandon the ultimately doomed monolithic repo scheme and tool your build and deployment systems to expect a multi-repo ecosystem. Then allow your teams to create their own repos on the fly, one for each individual project if they please. Once you reach that point, there is little reason to not use a more sensible VCS like hg or git.