The biblatex approach to bibliographies is very different from that used by 'traditional' BibTeX, which includes natbib. The way that a traditional style works is that BibTeX-the-program reads the .aux file (for citations), .bib file (for data) and .bst file (for style), and write a .bbl file containing the formatted output. The latter is then typeset directly in LaTeX (i.e. \bibliography is a special form of \input). When using biblatex, in contrast, citation data (from the .aux or .bcf) is used along with the .bib file to give a database-like .bbl file. The latter is used by biblatex to do formatting at the LaTeX end (i.e. in LaTeX macros). In this cases, formatting is driven by a .bbx file, which tells LaTeX (not BibTeX) how to do the style. The two approaches are thus fundamentally different.
It is possible to write a .bbx file which does the same as any given .bst. Thus as well as the standard biblatex styles, there are styles available which match the BibTeX 'traditional' set. There are also implementations for some journal styles. Included in those is biblatex-phys, which implements the AIP and APS styles. As those can never be used with natbib, and thus not with REVTeX, they are not official and cannot be used to substitute in journal submission. (See Is biblatex compatible with RevTeX?.) (Note that one can 'unload' natbib as discussed in Is it possible to load biblatex with a class that has already loaded natbib?, but this would be a bad idea in any official submission.)
biblatex-physfixes some issues in the style but this does not directly relate tonatbib(it's the same as if there were an issue in the REVTeX styles: things go wrong and have to be fixed). – Joseph Wright Sep 23 '16 at 12:56biblatex-physwas written some time ago: the latest update was just a 'normal' bug fix, as happens in any software. (I wrotebiblatex-physas it's not so hard to do physical science styles: I also do a chemistry bundle and ones for Nature and Science-like formatting.) – Joseph Wright Sep 23 '16 at 12:59biblatex-physbundle. (If it was only about journal submission, most of the work on BibTeX beyondciteandnatbibwould be redundant.) – Joseph Wright Sep 23 '16 at 13:08.texit's different.) – Joseph Wright Sep 23 '16 at 13:37biblatexcompletely substitutesnatbiband the question should be: Is RevTeX still using natbib instead of the betterbiblatex? – Johannes_B Sep 23 '16 at 16:01