I've a lot of friends who really hate the idea of James Franco The Poet. I don't think they necessarily hate Mr. Franco himself--but they're Francophobes when it comes to poetry.
David Shook interviews and micro-reviews Franco here. I think there are three important things we discover.
1: Franco is not a terrible poet. Shook quotes him:
With a tiny brain
That is me.
While this quote is hardly enough to inspire full criticism, I do love "my bus is muscular." That's proof of at least the potential of a good ear.
2: Franco has some valuable thoughts on poetry's place among the other literary arts:
"Poetry is not more universal than film. Film is the universal language. So is music. But poetry is too bound up in particular written languages to be universal. And because it often uses language in more intricate and complex ways than prose it is harder to translate. It is a great conveyer of emotion, but lyric emotion, meaning emotion bound up with imagery and written language. Film and performance can convey emotion much more directly than poetry, but poetry can reveal more complex emotions than performance. It can put the reader inside a character’s head in ways that film can not."
3: The publication of his book in 2014 will be interesting.
I, for one, hope that James Franco uses his name recognition to help poetry in general and not just his own name recognition. His reading list of poets was a bit scant and I've got several suggestions for him. Are you interested, James Franco? Let me know.