I would agree that playing along with a sequencer in many cases may have it's pluses.
I know for me, I'd rather play on the fly, as while I do things similar, I never do it the same. What if the dance floor requires another time through? I would think that that would be the biggest drawback unless there is something I don't know about all the options on a sequencer.
Also, as far as exactly duplicating the original record, then to me, I might as well give up my individuality, and be a DJ. At least for me, and IMHO, I want to sound different than the recording and different everytime I play a song.
While it may be useful if when I play a trumpet solo, (the real one you blow on), if it was a great arrangement, then I could see the possiblilty there for me anyway. But, typically, if I decide to blow trumpet, I just kick the transposer down to Bb, play left hand chords and right hand trumpet. The audience seems to go for this antic. But, still the same things I mentioned above apply to me.
What I do like to do with midi recordings is to have a bunch of tunes that I can play to please an audience, if I don't know them myself. In that case, the audience seems to be just as happy as if I played it myself. This is not really my first choice as a musician, but when it comes to pleasing your audience, then I am willing to do this, watching the score on my Tyros screen and doodling along.
Just my slant on it. It's one of those personal things I suppose.
Best
Scott