Not my experience at all, in my case the suggestions have become so good that I find myself checking what articles Google has for me multiple times a day. It's easily the thing I check the most after Reddit and Hacker News. Heck, I'd love a standalone app or service just for the article suggestions alone.
Just because I search for something, say a business, on the web doesn't in any way mean that I'm interested in seeing future news stories about that business.
I spend at least an hour every morning and night waking up and falling asleep to the latest news I'm interested in, with probably 1 or 2 additional hours throughout the day -- and all from article suggestions in Google Now.
If you aren't seeing things that interest you, you can tap the dropdown menu in the top-right of each card and tap "I'm not interested in this" or "Not interested in this source" to train it towards articles that you actually do care about.
I have my calendar and email setup on my phone with contacts sync also enabled. When I get to work I have one of those pinned tabs on chrome set to inbox and all my searches on my phone and laptop are on Google. Adblocker is installed on my laptop so I never see ads there but after searching for property and a bed for the last few weeks, the ads I seem to be getting on my mobile browser point to just that. I've actually ended up buying a couple of items online because of google's suggestions (GPU, cellphone, gas heater, etc). So I think it depends on how much data you feed it and how you feed it. As for suggested places to visit, I can't comment much since I don't use that feature.
For some such inputs are rich, for others scary.
Most don't care anyways.
They're scary when they're the carrot used to persuade you to allow a full invasion of your personal life by an outside entity, which as a matter of course requires permission to store, search, aggregate, and use commercially all of the data that it finds.
Other location suggestions? Crap unless explicitly entered in the Calendar. Article suggestions in Google Now? Crap. Despite having my entire Feedly info (300+ feeds) from which they pull most useless cards. Youtube suggestions in Google Now are somehow even worse than video suggestions in the Youtube app. Ads? Complete garbage and borderline fraud against all these companies paying to advertise mobile games which I almost never play and they know it.
Bizarrely, I have a Google Apps account at work with much, much less info and it's actually a little better.