Traditional medicines can be good places to look for new drugs. After all, it's not like homeopathy; there are actually active ingredients in there. St John's Wort does seem to be quite psychoactive, for one.
If you're interested in depression, here is a proper medical journal review of complementary treatments, which ranks the quality of the evidence.
http://www.mja.com.au/public/issues/176_10_200502/jor10311_fm.html
Here is the relevant excerpt:
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Description:
St John's wort (Hypericum perforatum) is a herb available in tablets, capsules and liquid form from supermarkets and health food shops.
Rationale:
St John's wort is a traditional herbal remedy in Europe. Its mode of action is not fully understood, but it appears to inhibit the synaptic reuptake of serotonin, norepinephrine and dopamine.30
Quality of evidence:
Level I. (Evidence obtained from a systematic review of all relevant randomised controlled trials)
Review of effectiveness:
A meta-analysis of 27 randomised controlled trials concluded that this treatment is superior to placebo and not different from tricyclic antidepressants in the treatment of mild to moderate depression.31 A meta-analysis of six studies that met stringent methodological criteria concluded that St John's wort is 50% more likely to produce an antidepressant effect than placebo and is equivalent to standard antidepressants.32 The side effects and drop-out rate are lower with St John's wort than with tricyclic antidepressants. Fewer trials have compared St John's wort with the newer antidepressants, but results to date indicate that it is as effective as selective serotonin re-uptake inhibitors.33-35 Although most of the evidence on St John's wort is positive, the largest trial so far found no difference between St John's wort and placebo.36 This study was too recent to be included in the meta-analyses cited above.
Although St John's wort is generally reported to have fewer side effects than antidepressants, the Therapeutic Goods Administration has warned that it can interact with a number of prescription medicines, leading to a loss of therapeutic effect of these medicines. Medicines affected include HIV protease inhibitors, HIV non-nucleoside reverse transcriptase inhibitors, cyclosporin, tacrolimus, warfarin, digoxin, theophylline, anticonvulsants, oral contraceptives, SSRIs and related drugs, and triptans. An information sheet is available for healthcare professionals.37
Conclusion:
The use of St John's wort for mild to moderate depression is supported by most of the available evidence.
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(Numbers refer to references, follow the link to get those.)