If I may "defend" my alma mater, I don't think Yale researchers are working under the assumption that this will be wildly successful or effective. But I, at least (and I bet they, too), would be interested in seeing just how this works out. As any scientist could tell you, you usually learn more from the failures than from the successes.
Also, I know we're all supposed to be cynical gamers who are completely against any sort of socially-conscious message, and if this were a game targeted at 16-year-olds, I'd agree, but we can all at least agree that we don't want hard-drinking, drug-using, promiscuous 9-13 year olds, can't we?
Frankly, I don't see why anybody who believes video games are as worthwhile a medium as any other should be against people exploring how to use games in these or similar capacities.
edit: Oh, and as far as the "this is a waste of money" argument, the reality is that 3-4 million is chump change in the world of academic research. If you're going to be outraged about misused millions, you'd have to be outraged about everything, all the time, forever.