Excel VBA Password Protection is useless
blog.nig.gl
blog.nig.gl
While some would argue that any "security" is better than no security, I would disagree. Making a user believe that there is security when it is trivial to break it is worse than no security at all.
Some security is better than none, it deters crimes of opportunity and the casual thief. As with anything else if you want real security you need to do your research and make the proper investment.
One thing that makes this "security" better than no security at all is that the reader has to purposefully takes steps to read the content so they can't try use any sort of "I saw that information accidentally" defence if called to task about knowing something they shouldn't (or passing that information on to someone else).
[1] Not that updated, I know, but I do not use Outlook since then.