I am not an interior designer but sometimes I play one on the Internet...
As for the material it will have most (near all) of the advantages and disadvantages of porcelain tile. How it feels underfoot (hardness, coldness), durability, installation, etc. It is/was trendy and due to that you run the risk of it feeling dated in the next 10+ years, but at the same time if you really like it maybe that part matters less.
For the area, being open concept:
-Doing just the kitchen may look sort of dumb if it is a different material but you are trying to match the colour and look of the rest of the floor (the hardwood). Trying to match a colour/look that is somewhat close but in the ends sticks out worse as a failure to match... You are better off picking something for the kitchen that contrasts but compliment the rest of the flooring and create a natural place to transition.
-You could rip up all the hardwood and do everything with the porcelain wood look tile. If the hardwood is in decent condition this seems like a lot of money to spend to me... plus do you really want the feel of tile everywhere else? It is a trendy look in open concept, same everywhere even the kitchen (why some places have HW in the kitchen).