That point of view makes a lot more sense to me than "the religion I just happen to have grown up in is the only true one and all the others are wrong". The idea that people of 'other' religious beliefs will suffer some sort of divine punishment, largely as a result of where they were born, I find particularly unpleasant (not to mention virtually impossible to reconcile with a caring or just deity).
The 'problem' with the 'perennial philosophy' viewpoint (possibly actually a major upside) is that it makes it very hard for religious leaders to exercise social or financial control. Yay!
