Not very according to a presentation by noted motorcycle safety researcher James V. Ouellet at the Long Beach, CA International Motorcycle Safety Conference a few weeks ago. Ouellet is an author of the famous and oft quoted Hurt report and subsequent studies. His current paper is “Rider Training and Collision Avoidance in Thailand and Los Angeles Motorcycle Crashes”
My source for this information is Wendy Moon. Her Moonrider’s Journal article is very interesting reading. You should read it in its entirety.
For those that don’t, Ouellet answers the question ““Does rider training to develop collision avoidance skills actually prevent crashes?” The answer is a resounding no. This is contrary to the tenets of the MSF who stresses swerving and braking in their courses. So it is no wonder that, at the end of Ouellet’s presentation of his paper, the MSF, MIC and manufacturer attendees appeared out-of-sorts and walked out of their own conference, even though there were more papers to be presented.
Ouellet’s conclusions are that “focusing on preventing the precipitating event instead of trying to react effectively after it has already occurred” is the best strategy. In other words, develop your defensive riding skills and habits. “Better lane position strategies, better hazard awareness perception, techniques for alerting driver’s to one’s presence, etc. are the way to go.”
When I first started riding again and took the Team Oregon basic riders course I had no problem with the parking lot swerve and braking tests. But I didn’t let that lull me into a false sense of safety. It was clear to me that those tests are not at all like riding in the real world. “Out there” an emergency happens suddenly and unexpectedly. You have microseconds to react and decide on a course of action. Even if you manage to keep your wits about you, it may often be to be too late to entirely avoid the danger. You may be able to decrease the damage but not eliminate it entirely
It seemed to me that the best strategy was to develop defensive riding habits designed to avoid having any emergency encounters. A potential danger does not become an emergency if you become aware of it soon enough. So I paid attention in the classroom when the instructor spent a considerable amount of time covering defensive riding strategies. That information seemed more valuable than the little amount of braking and swerving practice we had. In my opinion the best emergency is the one you never had. Ouellet’s research simply validates what seems to me to be common sense.
Update: Wendy wrote a followup article in which she examines Ouellet’s research findings in some detail. There is much informative and valuable information in her summary. It’s a must read if you ride in traffic and care about your life. I won’t try to summarize it here. Just read it.

The management of the time-space relationship by the rider in traffic is the single most critical continuous task requirement and is dependent upon the development of what I will call "perceptual vigilance". It is fundamental to the continuous vehicle positioning, speed, space, management task that it the primary factor in avoiding collision and separating yourself from harmful energy exchanges (crashes).
Seventy five years ago the theory was expressed as "The field of safe travel-zone of potential collision theory" and is the grand daddy of the Smith System of perceptual training for drivers. It is also the basis for the "2-4-12" perceptual lead "system" used in vehicle operator training today.
Most crashes are the result of perceptual errors in my humble opinion, assuming a basic level of operator control skills have been developed (basic is an arguable term).
Perceptual skills + vigilance are the key to avoiding avoiding crash situations, but vigilance is motivated by an awareness of personal "consequence", and personal consequence of crashes is a subject that the MSF has avoided like the plague. This avoidance of the subject of personal consequence does tend to cause one to question the reason for the MSF having anything to do with "motorcycle safety" in the first place, let alone their claim to be it's "official voice"
Finally, I would like to thank you for your informative website, your accurate an incisive comments on riding, and for your efforts to provide a means to better the riding experience for all. Your comments on the Ouellet paper are "spot on".