I wrote a big ole report on this exact topic last year.
Bottom line, in my opinion, is that it has good intentions, but stupid methods. There are SO MANY aspects that are overlooked or ignored entirely.
It's a step in the right direction, there just hasn't been a better way to do it yet.
edited to add:
one of the biggest problems is the lack of addressing local climate. A water credit is the same in NH as it is in Las Vegas, and one of the other big issues is maintenance, and lack of reevaluation of certified projects. After it's installed and running, maintenance workers switch jobs, move on, get laid off, etc, and there is no one to teach people how to maintain the systems correctly (this is a widespread "sustainable" landscape architecture problem though.
And as I mentioned, they do no re-evaluate the certified projects from the past. There is LEED for existing buildings, as well as LEED-NC, but its not for existing LEED projects. Who's to say that the gold rated building doesn't fail 5 years down the road?
I could go on for a while about this...but I'll let you write your paper.
FYI I'm a landscape architecture/planning major, and I've taken a ton of environmental sciences and sustainability classes (ugh, I hate the S word).