You pretty much hit the nail on the head as far as an anarchist critique of them. Their perspective on anarchists, as well as their brand of M-L-Mism is pretty much indistinguishable from that of the RCP, except they don't have the cult of Bob going on.
Don't think Leading Light is very prominent where I'm at, so i don't know I've ever encountered them outside of the tubes, but their website is pretty much exactly what I'd expect, and gave me the exact same nasty feeling when I looked at it. I think I might go take a shower now.