I have, and I really like it. If you read some of the historical debates between Judea Pearl and Don Rubin (of the Rubin Causal Model fame), and also Andrew Gelman (on his blog: http://andrewgelman.com/category/causal-inference/) you will have a much better appreciation of the nuances that Pearl was trying to push forth.

What I like about SEM and graphical model formulation is that it makes the model explicit and easy to communicate. It compactly encodes many hypotheses that you can test on your data.