It seems like this is what you get if you imagine a relieving event as a ball thrown into a pipe.

It ignores the effects of sudden pressurization (non-conservative) (this is outlined by the Peng method), and it ignores load cancellation in fluid flow in consecutive elbows (conservative).

With regards to pipe stress evolution, it does make sense as analysis becomes cheaper and more reliable to veer towards thinner and lighter pipe, but until piping codes (and laws mandating their use) also evolve, I suspect that it'll be a long time before it becomes standard. This isn't terrible, as tried and true results in greater public and end-user safety, and longer life of their systems.

I also suspect that within the next decade or so that we'll see more in the way energy conservation within piping systems (e.g. looking for ways to pipe systems to eliminate pressure losses to save operating costs).