I kind of agree with Murali.
In the final analysis, it boils down to 'why' hydroponics. I can think of two main reasons - higher output per area and consistent quality.
When area is not a constraint, there is no visible benefit of intensive production - i.e., if you produce 10 times the yield per acre in hydroponics, you could as well go for 10 acres of normal cultivation where the higher cost of hydroponic cultivation balances out for the cost of land. Of course, this may make more sense once the land prices become astronomical the way they seem to be going. One will need to work out the economics on the fixed costs, operational costs and yields.
Coming to quality, while it is debatable if the quality of hydroponic produce is better, to the end customer it is not so much of a differentiator. What matters is the look and feel; assuming hydroponics has consistent good quality to the last piece, it would be economics again to compare vis-a-vis the mixed grades of produce in normal farming.
A downside I can think of from an overall project point of view is that land appreciation which is a major benefit in a regular farm project is not there in a hydroponics venture. While investment in a regular project generally appreciates over time, it depreciates in a hydroponic project.
While I do not want to start an organic farming vs. hydroponics debate on this topic, it appears to me both of these are diametrically opposite. In a way, hydroponic produce is like a person fully sustained on saline and other intravenous fluids in a hospital and I am not sure what would be the acceptance rate from the consumer when marketing it as a differentiated product, especially with a greater popularization of natural foods, which are the other extreme. Similar are the growing preferences for country chickens over broilers in India and open grown animal meat over stall fed in the west.
The risks of operating a hydroponic venture seem higher too, given the infrastructure, knowledge, skilled resources, automation, consistent power etc. that are required to run the farm.
Commercial hydroponics to me does not seem a new product innovation for the consumer, but a process change for the producer and hence economics and risk alone would drive a decision on adoption.