+/- is a very good concept, but has clear flaws in practice. The concept is great because it is very bottom-line...there's no abstraction, it's all about pure impact on the floor, including defense and "intangibles." If it helps your team on the scoreboard, in any way, it should be reflected in the +/-.
The main flaws are:
-Over a small sample size (like a game, or a few games), luck can entirely wash out the meaning. If a player makes a number of great passes and his teammates miss a bunch of easy, open shots, the player will look worse in +/- than he really was. Over a large sample size, though, luck will largely even out.
-It doesn't account for who's on the floor with the player. If you are a backup, you're likely to have a lower +/- because you're part of the group that tends to do worse on the scoreboard than the starting unit. Even if you, personally, are a good player, your teammates are going to be worse, giving you a lower +/- than if you played with the starters. Playing as a starter on a great team, with a higher team point differential, you're certain to post a better +/- than if you play on a bad team that has a negative point differential, even though your ability level will be the same. Raw +/- doesn't account for teammates, but there are Adjusted +/- numbers that do.
So, I'd say that raw +/- is mostly useful for comparing starters to other starters on the same team and reserves to other reserves on the same team, and over large stretches of the season...not on a per-game basis.