Simulating microstructure evolution (MicroEvo) is vital for materials design but demands high numerical accuracy, efficiency, and physical fidelity. Although recent studies on deep learning (DL) offers a promising alternative to traditional solvers, the field lacks standardized benchmarks. Existing studies are flawed due to a lack of comparing specialized MicroEvo DL models with state-of-the-art spatio-temporal architectures, an overemphasis on numerical accuracy over physical fidelity, and a failure to analyze error propagation over time. To address these gaps, we introduce MicroEvoEval, the first comprehensive benchmark for image-based microstructure evolution prediction. We evaluate 14 models, encompassing both domain-specific and general-purpose architectures, across four representative MicroEvo tasks with datasets specifically structured for both short- and long-term assessment. Our multi-faceted evaluation framework goes beyond numerical accuracy and computational cost, incorporating a curated set of structure-preserving metrics to assess physical fidelity. Our extensive evaluations yield several key insights. Notably, we find that modern architectures (e.g., VMamba), not only achieve superior long-term stability and physical fidelity but also operate with an order-of-magnitude greater computational efficiency. The results highlight the necessity of holistic evaluation and identify these modern architectures as a highly promising direction for developing efficient and reliable surrogate models in data-driven materials science.