Bruce Schneier has harshly criticized TMN in 2006, and despite that TrackMeNot has improved since then trough new releases some deficits remain. The deficits fall either into the category implementation or design. As an example of the former, TMN, for instance, still lacks randomizing query intervals. As example of the weak design let’s just imagine the TMN random query sending search terms such as “Taliban training camp”. Chances are high that such or similar searches won’t go unnoticed, not matter if buried under a lot of noisy other fake search engines queries.
A commenter of Schneier's blog has put the Meta information as: “worst-security-tool-ever”! It is really worth reading Bruce Schneier’s thoughts as well as the commenter giving the example of the police officer pulling someone over for speeding. In fact, I couldn’t stop laughing.
As almost every website shows ads or has analytic tracking code installed I personally doubt that TMN is of much use to prevent you being accurately profiled and/or watched as the big search engines have the budget and know how to filter out TMN traffic. You would also have to frequently delete cookies and use Anonymizer software or proxies to be able to hide your identify or online interests to a certain degree; the best result you would probably achieve using TOR onion routing.