Performance Based design (PBD) seems to be more complete compare to existing force based design. Some building codes already added PBD as suitable guideline, example, EC8. However, limitations are important to know before application.
I see more advantages than limitations to be honest. Perhaps one of the biggest challenges is to fine tunning the magnitude of design forces as recommended by codes of practice. A big virtue of that design philsophy is precisely that enables controlling - while categorising, structural damage.
The inherent problem with PBD is that in this philosophy the structure will collapse definitely but in different performance levels. In other words, collapse is a predefined option for a structure while in some other design philosophies such as Resilience Based Design, we don’t want the structure to fail and there should be ways to return the structure to full functionality.