Arcanaloths do not 'bark' darnit...
I've played through modules that rocked beyond words and I've played through modules that now make for running jokes in my current group. The difference? The DM running them.
However I will say that as a DM I won't run modules. I have far too much fun crafting plots on my own and working them fiendishly into a campaign. Working a preexisting module into such is really difficult and takes away some of the fun of creativity. It's not impossible to do, but I prefer not to do so.
I've run modules, but only when I was first learning the ropes of DMing, and was co-DMing at the time. And even then the modules we ran, we nearly rewrote them from the ground up to fit the campaign and tailor them to the players. We turned a little one shot under a dollar adventure pamphlet into a 6 week blur of player intrigue and mystery.
Some modules are better written than others however and you can adapt them easier. Lots of the Planescape modules seemed that way to me. Not all of them, but many of them. And I've also found that modules are easier to start a game with rather than to toss into a pre-existing campaign that's already up and running. Starting off generating characters for RttToEE is different than tossing characters already extant into the same module.
Modules and homebrews both have their place and their utility. In the end though, if the players and DM are having fun, does it matter where the material is coming from? I can't argue against it if the answer is yes.