Souldbrother,
there are quite a few threads on convolution reverb here on gs. Do a search for "ir-1" or "altiverb" for example...
Anyway, I get the impression that convolution reverb is used by a lot of slutz here. After all convolution does things that are not possible with a lot of hardware reverb and it can sound really impressive
Lexicon does have some algos that derive their spaciousness to some degree from non-linear processing, that cannot be replicated by classic impulse responses. But apart from that convolution is really really useful in a lot of applications.
Regards,
Bill