CM brings some people to Christ via the sacramental life of the Church He left here on earth as His mystical body.  (Most recently, a group of "Pentecostals" in Tucson, including one of their pastors, who were this Easter received into the local Byzantine Rite congregation.)  And it does prompt some uncatechized cradle/nominal catholics to begin to learn their faith.  

Like the charismatic movement or hyperMarian prayer groups it's a bit stilted or shallow and and it'd be bad if converts or reverts did not grow beyond it.  And it would also be a problem if orthodox Catholics with a more balanced relationship with the Church were drifting in that direction.  But like the charismatic movement one should hesitate to attack it too strongly as it is making converts.