As a worker in a (very small) company with an automated phone menu...
At least in our case, it is thoroughly pointless. You're basically connected to the same person regardless of what option you choose, since in a company our size, we all wear multiple hats. Press 1 to place a new order, you're going to get the same CSR as if you press 3 for Customer Service.
The only exception is if you want to wade through the directory, patiently listening to each name (while noting which number you were supposed to press) -- which nobody ever does.
And from a customer's perspective... why does the menu NEVER cover the reason I'm calling?? I want to find out if my credit card charges a fee for foreign transactions, but my only choices are Apply for a Card, Make a Payment, Report Fraud, and something ridiculously unrelated like Submit an Idea for a Superbowl Commercial.
So no, I don't like it from either side.