Dissenting voice (partially)
I love real wood, tile, etc., and can see the difference from a mile away.
But I have used a LOT of LVT, and it is a very good product. It's nearly indestructible, looks good, and is super easy to maintain.
I manage a medical facility with over 100,000 SF of residential grade LVT with extreme traffic. It stands up to a beating.
I've replaced a lot of damaged tile over the years. Never had to replace LVT.
I've used LVT in rental properties, and in my own home for years. It's good stuff. Yes, it looks a little "fake". It's a different product. But it out performs tile and wood by a long shot.
I'll also put in a vote for some of the new MDF core engineered "wood" products. Pergo, etc. I put this in half my house, and proceeded to continue construction renovations on top of it unprotected. It's amazing, and cleans brilliantly. Again, doesn't look like "real wood", but has its own attractive beautiful look, and amazing performance. Also very DIY friendly. I saved $4000 on the cost of my floor (over wood), and am much happier with the product.
Tile is cold, hard on the back if you stand on it all day, and unforgiving. It doesn't mate well with wood substrates (which is why we have to make an effort to use backers like HardiBoard). Wood substrates move, tile does not (which is why it often cracks).
Modern LVT and engineered systems are designed to mate well with wood substrates.
Resale is a regional thing. The Northeast thinks engineered products are cheap. The Southeast has no aversion to them.