Depends how you do it. Depends what you want to achieve. I prefer methods along the lines of Carolyn Resnick's way, for eg. Of bonding with a horse. I don't agree with chasing a horse around in circles to supposedly achieve that - I don't believe that's what you really get from that anyway.
However, if you're teaching an already desensitised & trusting horse to turn & face you when you ask, to come to you, follow you, whatever, then I think MR's 'Join Up' or Parelli's 'Catching Game' for eg. (a rose by any other name...) can be a handy exercise. I wouldn't treat a horse to this procedure if he was afraid & don't try to make them run from me.