Not every home is open house "material." Some homes simply aren't in the right location to implement an open house strategy. Homes that are located in rural areas, hard to find locations, main roads, and neighborhoods with low turnover rates typically do not warrant an open house.
But if your home is in an awesome location, easy to access street, or in a place where the homes are well manicured an open house will be a great compliment to your overall marketing strategy.
An open house can drive an enormous amount of traffic but only if the location allows for it. Rule #1, #2, and #3 of real estate always apply. It's about location, location, location.