I don't doubt there are things about chess to be learned from Bughouse. Whether it is beneficial or harmful to one's chess game I think depends on one's perspective of Bughouse and one's strengths and weakenesses in chess. I find some of my greatest weaknesses in chess to be playing too quickly and being over aggressive. Bughouse encourages my weaknesses, so I find that if I play too much Bughouse, it can be detrimental to my game.
Is bughouse good or bad for your chess? I have heard many strong players claim that bughouse is terrible for your chess, but I find that hard to believe. Yes if you play too much you get out of the thinking rhythm that pieces don't come back on the board, but I feel that bughouse has greatly helped my attacking chess. Before, attacking was one of the weakest points of my game, but now I think with the attacking instincts I have developed from bughouse. If I see a hole in the opponent's king's camp I try to maneuver a knight to it because that's where I would drop one in bughouse. Please tell me your opinion on if bughouse is good or bad for your chess.