Its gotten a lot better over time as far as adding tooling to make big changes. Its the same ol' 'its fine if you know what you're doing and not so fine if you don't.' Personally I'd rather deal with git's issues but p4 has the a lot of built in support in engines.

Day to day I think its the industry tooling and the partial checkouts that have people pick P4, not esoteric problems you face years down the line.