No it's not. It's completely worthless. If it "warns" you every time you open a document, it's not giving you any actual information. You learned the first time that there could be errors. Every subsequent warning is simply a waste of time. I have never EVER opened an MS Office document without getting the warning.
Maybe there should be a menu item that allows you to review the possible problems, but it shouldn't be a dialog that comes up every ****ing time I open a document.