As a former school governor I don't. Ofsted is part of the problem and needs to go.
The deficit model....that schools are forever on the brink of failure and that the person at the front of the class is a threat to education that only a group of strangers who don't appear to be teaching can protect the public from is part of the problem.
Yeah, the system is shit. That doesn't mean that schools don't need inspecting and monitoring, but the criteria by which schools are judged are too subjective, not focussed on best outcomes for the children and are easy to manipulate either by schools or inspectors.
When I was a kid I rocked up at senior school on a different side of town to where my primary school was only to find I was the only one in the class who had been taught where to put a full stop. I spent two years kicking my heels while everyone else was taught the basics. That situation had to end. But what replaced it is disgusting. It's not jus the Tories either, Labour under Blair and Brown loved things it could measure, qualify and manipulate to show how well it was doing.