Does a lot of things very well 'if configured and used properly'.
The extent of configuration allowed on a standard install is extensive and can lead to a slippery slope of over customization and complexity. This is not a necessarily a flaw with the product itself, but I have seen too many instances of noisy, unmanageable installations because the Client has tried to satisfy every 'business need' under the sun.
I have solved many with CA PPM at various organizations, but true value has always been realized when the data reflects one of the following:
a) Money - are the portfolios/projects in alignment with projected spend , how much am I spending per initiative (with the ability to drill down to the lowest components)
b) Time - Schedule planning and schedule tracking (actual vs. planned)
c) Effort - Hours worked on a given component (project, task, issue etc)
Everything else is a nice to have and not nearly as exciting.