It certainly is not an instrument approach. Nonetheless, the air carriers have seen fit to create the beast and we know at least a portion of the procedure is often flown in IMC with ATC using radar altitudes to provide obstacle clearance since an FMS visual has no criteria. And, indeed it is "a more accurate path to visually acquire the runway." So, it should work as "advertised," which only can be assured by training and RNAV GPS.
Either that, or Flight Standards should step up to bat, and cancel the concept of FMS Visuals. I doubt their airline masters would be pleased, though.