New Criticism was a breakthrough forty some years ago and I believe it still is today. New Criticism's views and ways of teaching literature are so much more enriching and realistic. According to New Criticism, poetry should be read critically and appreciatively. By doing so, the reader will not only know the poem, but understand the poem and its meaning.
I have a Literature class right now in which we analyze and think critically about each line of a poem. It has definitely made me appreciate poetry more. As soon as we analyze a poem, I tend to learn so many more meanings of even just a single line of that poem.
Even though there are three main assumptions of New Criticism, I agree mostly with the assumption that poetry is aesthetic. The aesthetic power of poetry is so profound I can't imagine a world without it. Not only does poetry teach, it enhances one's imagination and lets one explore their feelings on a higher level.
New Criticism developed a solid framework of literary study. It turned ordinary teachings of literature into a separate, wonderful realm of life. I believe it was one of the best things that ever happened to the world of literature.