CV can be used to tune models and to estimate performance, but not on the same data. See this diagram for doing both.
h/t 4 pic @weina_jin
It allows an estimate of generalisation for a *group* of models, but that is still a step removed from a deployable system.
and here is the blog post from @weina_jin that reminded me to tweet about this topic weina.me/nested-cross-v…
That matches my experience, I have *never* reviewed a paper which satisfied me with their CV description on first read.
It still shocks me that TRIPOD recommends cross-validation :p