George Siemens distills the essence of the use of learning objects and repositories in the e-learning field:
… content in context is the real challenge. Or put another way, the extraction of meaning from an object is the real challenge. We can have access to all the content in the world, but if we are not able to find what we need, when we need it, in the format we need it, and for the task which we need it, it’s of no use. Content management takes care of organizing resources. The extraction of meaningful content is where systems fail.
I find that there is still a lot of snake oil being sold as e-learning. If you can help people find what they need, when they need it, in the right context to be useful, then you will have effective content management and/or performance support. The rest is what a friend of mine calls "shovel ware".