Multiphase flow with phase transition are a challenging field of research. Reasons for this are the inherent multiscale character of two-phase flow, the strong coupling of the governing equations with the thermodynamics in the bulk and particularly the non-equilibrium effects at the interface. Diffuse interface approaches are promising candidates to model multiphase phenomena due to their ability to deal with two-phase flow, surface tension, phase transition and complex domain topologies. A well known model which incorporates all the aforementioned physical effects is the Navier-Stokes-Korteweg-van der Waals (NSK) model. However, for the derivation of the NSK equations several assumptions and simplifications are employed, e.g., the truncation of higher-order terms in the energy potential. Therefore, the present talk discusses the fidelity of the NSK model for the description of liquid-vapor flow with phase transition. First, the modeling assumptions used for the derivation of the NSK equations are revisited. Based on these prerequisites, in the second part of the talk, results obtained with the NSK model are compared to molecular dynamics simulations of the Lennard-Jones truncated and shifted fluid. For this, static liquid-vapor interfaces with and without phase transition and highly dynamic evaporation shock tube problems are considered. We conclude our talk with a discussion of ongoing work and challenges of the NSK equations for the simulation of large-scale industrial applications.