Well, from what I'm reading, its bad for text, but good for graphics as a whole as it smooths them out.
"its a different type of AA. It takes edges and blurs them together adjusting the colors respectively."
So just feel a little short sighted while you get into the game, then enjoy the visuals.
Considering I'm usually turning on AA anyway in Sins, Morphological Filtering isn't needed, and it plays a lot more comfortably with the text sharp, rather than blurry. So I'll keep it turned off.
It didn't do any noticable things to the rest of the graphics either, but that's probably due to the player essentially being zoomed out quite a distance.