Definitely at least works for getting in so that's a positive point. Still leaves not being able to get any of the additional perks besides entry, though.
No parking (if on your pass), no discounts, and no FP (unless you have MP, of course, and can book and scan FPs from your phone). But none of those may matter to some if one only cares about entry.
I am glad they do have a reprint option, though. A lot of the passes I've held over the years required I buy the pass entirely again. Even my mom's lifetime senior national parks pass cannot be replaced if she ever loses it. $20 seems like a drop in the bucket compared to the full cost of an AP.
I definitely check several times to make sure I have my pass before getting on the road. I'm always worried this will happen to me one of these days.