As a passenger, I think PPM's a worthwhile thing to aim for - I'd rather everyone be working towards recovering the delay to a point at which planned connections into other trains might be achievable than thoroughly stuffing a late-running in order to keep another within some arbitrary target. Minimising the overall delay and regulating for PPM do fit well together to a certain extent anyway, but I think that it puts a bit more focus on individual trains.
There's an inherent contradiction between the two bolded statements - PPM regulation usually consists
exactly of stuffing a late-running train (more precisely, one that's "out of PPM") to the back of the queue.
For example, every other day at Coventry, when a northbound XC to Manchester is 11 minutes late, the stopper that's booked to follow it is allowed to go in front, and any passengers hoping to make the connection at New Street to the XC to Leeds and Edinburgh is stuck while they plod along behind the stopper. Sometimes the stopper will get held at Coventry, or even looped at International (in either case it will almost certainly fail PPM), but more likely the XC will stay behind because, provided it's let out of New Street in front of the stopper to Wolverhampton, it'll be no more than three minutes late into Manchester, because it's got so much pathing time.
Case in point:
Tuesday's 0515 Southampton-Manchester - I've seen pretty much exactly that happen many, many times.
All that goes to show just how terrible PPM is at measuring performance.