I have to admit, I've been fascinated by pick-up artists ever since that guy who shot up a gym near Pittsburgh turned out to have attended a seminar. The subculture -- the "seduction community" -- is tremendously interesting. The detail with which they craft their strategies (see MeteorPunch and Arwon, supra) is incredible and reveals a ton about how they view themselves and women (hint: they don't like them). (I don't mean to suggest that all people who do this stuff don't like women, but there's a strong theme of misogyny in a lot of the seduction community.)
Here's their schtick: you learn some methods to trick women with low self-esteem into sleeping with you.
That's pretty much it. The whole strategy is to talk to tons of women (good advice for anyone looking to meet others), throw out a few lines that will filter out women with high self esteem*, then you use some techniques meant to prey on the remaining women's insecurities. It's not presented that way, but it's pretty clear that's what it does. I suppose it works, in the sense that you end up sleeping with lots of women, but the women are merely puzzles to solve. They're not people. Any look into the pick-up artist community shows you what the term "objectification of women" means.
Again, as others here have pointed out, there are good elements to it. Talking to a lot of women is good, as is increased confidence. But the "technique" they employ isn't really consistent with considering women to be individual people with their own internal lives. And there's a meta predator-prey relationship at work, too -- the PUAs prey on insecure men to get exorbitant fees to attend seminars to learn "the game."
Cleo
*That's the purpose of the "neg," I've figured out -- a filtering system. Any woman with a good opinion of herself is going to say, "Who does this guy with the fuzzy top hat think he is?" when "negged." Any woman who remains will be easier to manipulate with the PUAs' games.