Most waterproofing systems include 2 or 3 different layers...the "tar" paint is actually a rubber membrane product applied like a paint. There are different manufacturers and specs, this is an example:
http://ca.henry.com/waterproofing/coldfluidapplied/bluesealconcrete
The rubber never fully cures, creating a resilient, expandable barrier. Far from worthless, it is a key piece of a waterproofing system. A rigid barrier is also important.
All new homes should have at minimum an exterior weeping system. If water is going to be a likely concern given grading and drainage, an interior system can also be used, tied into a sump pump. For new construction, I would do both, unless the basement was fully at grade level on one side and the entire site sloped away from the house (i.e. you live on the top of a hill). Otherwise, the additional cost of adding an interior system is insignificant compared to the potential cost of water intrusion.