I do a lot of bodyweight workouts and what I like is that they are scalable without needing to buy anything. I really can't afford a gym membership or a bunch of weights and to be honest the thought of driving to a gym 3 days a week is unappealing. But I can do push ups, pull ups and squats for free whenever I want, AND I can make all of those harder without spending any money.
I think with either, its what you put into it. I know I slack on bodyweight workouts at times, but when I put the effort in, I get sore and feel some burn.
I think everyone should do something to build muscle and if you are short on money and space, bodyweight is a worthwhile thing to consider.