What is bad about this theory is that it ignores all the great works of literature concerning the Holy Grail. I imagine all the medieval writers who penned the Arthurian Legend and the Holy Grail story would be dumbfounded by the Mary Magdalene theory. It was unknown in their day!
We must remember that this a flash in the pan bit of pulp fiction that has fast faded. I chuckle at the pretenstions of Dan Brown and his ilk how this was going to change the religious doctrine on the subject. The hubris and indeed abject ignorance of their presumption is really astounding.