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Yeah, such an architecture isn't a panacea. As with any pattern you have to apply it to the right kind of problem. Treat every noun as a microservice, especially for reads, and you end up reinventing an RDBMS (poorly) in your code. Neither would you demand that a file copy be implemented using map reduce.

I am also interested in knowing an answer to this. In these designs, I often see people ignoring network costs. Can someone with practical experience comment on this aspect?

Yep, sometimes I think "well maybe I should just put a HTTP server in front of SQL, then I can just move that to another server when the time comes"...