Sumit Nain and Moshe Vardi, Branching Time vs. Linear Time: Semantical Perspective, invited ATVA'07 paper.

...this paper puts forward an, admittedly provocative, thesis, which is that process-equivalence theory allowed itself to wander in the â€œwildernessâ€ for lack of accepted guiding principles. The obvious deï¬nition of contextual equivalence was not scrupulously adhered to, and the underspeciï¬city of the formalisms proposed led to too many interpretations of equivalence.

In revisiting the notion of process equivalence, which is a fairly central part of concurrency theory, Nain and Vardi end up arguing in favor of a purely trace-based notion of equivalence and the use of linear-time logics. This in turn leads to a rejection of bisimulation as a tool for establishing process equivalences:

The gist of our argument is that branching-time-based notions of process equivalence are not reasonable notions of process equivalence, as they distinguish between processes that are not contextually distinguishable. In contrast, the linear-time view does yield an appropriate notion of contextual equivalence.

...

In spite of its mathematical elegance and ubiquity in logic, bisimulation is not a reasonable notion of process equivalence, as it makes distinctions that cannot be observed.

They take pains to point out that they are not claiming that bisimulation or CTL should be abandoned or are not useful. Rather their emphasis is on the fact that bisimulation is not a contextual equivalence and is therefore not appropriate for establishing equivalence between (for example) a specification and its implementation. As they say in the conclusion of the paper: