I've been through 5-6 of these, usually either as a way to help an acquired management team assimilate with an incumbent management team, or as some kind of team-building or leadership growth exercise.
I'd categorize it as mostly harmless as far as such things go in the workplace. One of the proprietary Meyers-Briggs variants I actually found to be fairly useful in improving communications and relationships with people who are useful but simply wired differently.