It's a good solution, but may be less capable than XPrivacy, at least in some areas.
For example, I think PMP doesn't have options to filter loading native libraries or executing external commands - and this is sometimes useful, e.g. by blocking loadLibrary calls for libYandexMetricaNativeModule.so (some apps would crash, some would survive and would probably leak less analytics)
I believe both tools (and anything Xposed-based) isn't perfect, though - native code can work around this stuff. I wonder if there's QubesOS-like Android-in-Android (using a virtualization) solution exists, besides that Samsung's proprietary enterprisey nonsense...
[1] http://repo.xposed.info/module/org.synergylabs.pmpandroid