Given that CRM in the aviation world stands for CREW resource management. I'm inclined toward the physo-babble definition of threat and error management.
It is simply dressing things up in a trendy new set of words. Works really well in the consultancy world (an area I directly work in) as it looks new and relevant.
Does it actually improve the management of PFLs - nope and in many cases it adds a potential for further confusion by introducing terms which can modify the way people think of problems. Adding in another way in which events can be described does no one any favours - particularly in high stress situations - when learned responses have been demonstrated to be much more reliable than 'blue sky' thinking etc....