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I think it has more to do with acceptance of the deliverable. Cost can overrun and even towards project escalation. However, even during that period if the deliverable is what is expected, then the project is successful .
Project success is a big topic and wide open.
I agree with the fundamental concept of business value but IMHO this is not enough from a strategic organizational perspective.
Yes - we want to deliver value but could we have delivered more value? Could we have delivered at lower cost? Could we have delivered more effectively and efficiently? Did we deliver value but still with missing features or defects?
Therefore, our approach is to use a four dimensional model; from a project owner perspective. These are:
1. Product - technical success (did we deliver the specified product per specs?
2. PM Success: did we deliver with the PM Plan parameters?
3. Project Delivery: did we deliver per the charter or authorization document?
4. Objective success: did the project deliver per the objectives and organization realized the planned benefits?
For more info consider our site http://sukadway.sukad.com/project-success-introduction
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