I follow the sacred rule of tvtropes. Tropes are tools.
The chosen one trope can be used to improve a story by raising tension, deconstructing fate and free will, playing with how it affect the main character and his/her loved ones. Or it can make it worse by using it as a cheap excuse for the hero to do something, it can easily lead to a "Mary Sue" if handled poorly and can easily become a generic cliché.
So, my answer is... Depends on execution.
Also, you can always give it a twist. For example, maybe the villain made up a prophecy so his enemies end up relying of a nervous teenager instead of doing the logical thing and sending an army.