I think its a good thing, because the team format allows a platform for some players to build confidence, and play better. It bypasses the ATP politics, and alleviates some of the pressure about worrying about the point system. It also is a big payday, making it more important to players.
In the past, life on the tour wasn't always about ATP points, and grinding day in and out to make sure you stay on top. If you're a good guy, dedicated to the game, and one of the best players in the world, you could get a bit of special treatment without having to be cutthroat at all times, cutting down new players before they have a chance to establish themselves. So having a tournament that's more about competition, teamwork, and building relationships between players and sponsors is probably a great thing for the players, new and old alike. The ATP exists for a reason, but its not the end all be all of competition, and sports. It has its drawbacks.
Having tournaments like this once in a while will improve the health of the pro tour, bringing in money, providing a stage for younger players to establish themselves, and keeps the history of the game intact and important. It improves upon other non-ATP tournament formats, in that they keep the competitive spirit alive, which I feel is the most important factor of all.