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It is a great way to do creative thinking and debate different issues/views associated with strategic planning, problem solving, and general brainstorming practice.
The real challenge with6-thinking hats and other similar tools (SWOT analysis for example) is the way these exercises are executed/performed in reality versus what the theory says. Hence, in poor / low performance corporate cultures, there would be great tendency to have low or no real value from these tools/exercises altogether. If the corporate culture/management style does NOT allow free thinking, free debate, positive challenging, ownership/authority/accountability practices, ... and everyone (other than the big boss) tends to say "Yes" in order to please the boss, then this whole thing becomes unnecessary waste of time and effort.