Using FRAPS, one of the earlier missions, 120second FPS benchmark, Mafia II
Settings: 1080p, Fullscreen, V-Sync on, Brightness 3, AA on, AF 16x, Shadow High, AO On, Geometry Detail High
Used the same mission, same route twice
With PhysX high:
Frames, Time (ms), Min, Max, Avg
9896, 120000, 51, 105, 82.467
With PhysX off:
Frames, Time (ms), Min, Max, Avg
10660, 120000, 66, 105, 88.833
So if the idea of a PhysX card is that I get the extra 6.4fps back, then is it worth the extra heat and power? IMO no. However it would give around a 7% increase in performance
For a weaker card then maybe you could justify the heat/power/cost.