Seems like the ability to have interchangeble electricity (which you can export and import to the system as needed) and the ability to locate the hydrogen production an aribtrary distance (with a transmission loss) from the energy gathering stage seem like a very decisive advantages, even before you consider the immense amounts of time and focus that are being put into improving PV cost and efficiency.
If this method works well, you'd probably still need to consider whether it would make more sense to generate the light artificially for similar reasons.