My answer to that question is hell no...too many mobs do the run off and drag more of their pals to come kick my scrawny, cloth wearing behind thing. As a last resort to getting stomped, maybe I'd think of popping a Fear or Death Coil.
Personally, I was more the, when they still had it, cast Curse of Recklessness on mobs. Why, you ask, because it caused the mob to run toward you -- and by that time it was usually close to dead and not going to reach many of its buddies.
Now, I can't comment on the MC CC methodologies - my priest alt can't cast it yet, though, it's likely similar to Enslave Demon.
I'll reiterate what Horsemouth said. If you have the Psychic Scream glyph, they don't go running off...they're frozen in place for a bit (8 seconds I think). It's perfectly viable to run a Psychic Scream on two mobs, deal with one of them and then return to the other as long as you haven't dotted them up.
If you don't have it glyphed, then yeah...it's a last resort thing. And you shouldn't use it in a group unless everyone is onboard with whatever strategy that's in place that requires it.
It's highly effective in certain situations.