Earlier this year I did do some searching around and listening to the state of procedural music, and honestly I didn't much like what I heard.
Certainly a lot of work I wouldn't really want (or even be able) to invest in myself, though I'm already planning to hire someone to do the music part, assuming that's what we want (this topic will be a big thing for later--how musicy we want the music, or whether it should be very ambient, but it's too early for me to get into that discussion now). In either case, it would be someone else doing this, but I don't think procedural music is all that great.
Here I'm talking about 100% procedural music, however, and you might be referring partially to adaptive/dynamic music, which is sometimes used in games and isn't quite as extreme. The latter I'd be interested in, but it's generally very costly, and also more difficult to program (generally it requires using additional external libraries, as well as finding a composer well-versed in this particular field--not cheap!).