I don't have a big feeling about Catcher's ERA or stats like that, but I do feel there are certain aspects of evaluating baseball that statistics do an excellent job of, and there are certain areas where they don't.
It is always a matter of understanding the stat, and the facts surrounding how those statistics were collected.
For example, I think defense (and defensive ability) is much better evaluated in the traditional scout sense (you have to watch them to understand), while batting skill can be judged very well using statistics (if you understand their context). Let's face it, Bagwell's stance is so out-there that standard scouting would say he will have issues at some point, but the stats told a different story. But in defensive situations there is never a level playing field between players. Different players might have different types of chances and other factors can come into play, for catchers who is throwing them the pitches can make a huge difference, as well as their fellow teammates.
So when it comes to defense I doubt there will ever be a stat that truely can capture the essence of evaulating who is better. But I am more than willing to listen to people try to find it.
More info is ussually better than less.