A convenient approximation (and design choice), I think. What matters for a peak current mode controller is if there is residual current in the inductor; if the system is designed so the flyback (or recoil or whatever) voltage equals the supply (so the switch switches Vs*2, and etc.), then current becomes continuous at >= 50% duty.
As for the oscillations themselves, the fundamental downside to a peak current mode converter (even with slope compensation and an error amplifier) is it exhibits chaos; duty cycle acts like the feedback parameter in the logistic map, and an identical bifurcation diagram can be generated from the circuit.
Tim