Thoughts? I'm a mathlet and only understand it informally.

Outdated, much like "systems theory" which came before it. Their methodologies and key results have quickly become obsolete.

As a general rule, any field that tries to christen itself with a general-sounding name, will tend to underdeliver in terms of tangible knowledge gained.
For example, consider "artificial intelligence", the hot new trend right now. The theory, models and technology have been around since the 1990s; the only thing that's changed is that said technology is finally cheap enough for distribution to the masses.
Fifteen years from now the subject will fade back into obscurity, just as the dot-com bubble burst fifteen years ago.