The end result is that the parliament is basically a farcical attempt to give the appearance of democratic legitimacy to the EU legislative process, but the farce is transparent enough that it just ends up tainting the public perception of the EU institutions.
There are political reasons for this arrangement of course, but I don't want to turn this into (more of) a rant. [EDIT: I end up going into that in this other post: http://news.ycombinator.com/item?id=4161285]