A large meta-study has concluded that homeopathy doesn't work any better than placebos. This surprises me a little. In my own experience, I've seen a case where homeopathy seemed to effect a dramatic cure. But I do feel that much of traditional medicine, East and West, is simply poor science mixed with snake-oil. I've seen few instances of Asian herbal medicine working and I've heard that much of the herbal medicine sold in the U.S. has been prepared the wrong way or is in too weak of doses to have any significant effect. Acupuncture happens to be one happy exception to this--it seems to work in many cases and appears to be particularly effective treating a number of illnesses for which Western medicine doesn't have much to offer.
While traditional medicine is a mixed blessing, I think that traditional Eastern thought has a great deal to offer in terms of preventive medicine--practical steps about diet and life in general that help us to remain physically and psychologically balanced.