Celebrating high performance is a good way to encourage high performance, and encouraging high performance is, finally, the ultimate objective of cheerleaders.
So far, so good. There is a problem, though, when the folks doing the cheerleading go overboard, in the sense that they confuse the role of cheerleading with the role of honest assessment and communication. It's bad enough when people - including entrepreneurs - start believing their own press releases. It's worse when they start listening to cheerleaders who confuse enthusiasm and energy with success."