Though there has been a strong correlation shown between the possession of certain key traits and effective leadership, no trait (or combination of traits) guarantees good leadership. More importantly, effective leadership does not really depend upon specific character traits so much as specific choices. The personality traits that can lead to good leadership tend to be those that allow for decisive and informed decisions based on the needs of the group or organization being led; charisma is certainly not among these, and the traits themselves are secondary to the decisions they lead to, regardless (Kirkpatrick & Locke 1991). Charisma no more makes a leader than attractiveness or another physical attribute. Going back to charisma specifically, some have questioned whether the use of charisma as an enhancement to leadership -- or at least a tool of persuasion used by one in authority -- is even an ethical way to lead. In many ways, charisma leads to the submission of the will of the masses to the will of the leader, which negates the idea of true leadership as a means of moving collectives of people towards a common goal or purpose (Howell & Avolio 1992). Charisma, that is, does not lead to true leadership, but rather is a replacement for it; it is a cheaper and more superficial way to manipulate those being led rather than being required as a leader to inspire real confidence through strong commitment to ideals and a foundation in reasoning. People are swayed by charisma, certainly, but that does...

More importantly, I have learned to look beyond the simple assumptions that people might have about leadership, as well as the assertions that leaders themselves make. There is a difference between being personable and relying on charisma as a means of maintaining leadership; the former is good in all circumstances, but the latter is never useful. This type of charisma is all substitute and no substance, and the literature I discovered while conducting the research for this exercise clearly supports this conclusion. Though there is some disagreement, charisma is generally seen as empty.
References

Elliott, M. (2009). "No charisma? Don't worry, you can still be a leader." Time. Accessed 29 January 2010. http://www.time.com/time/magazine/article/0,9171,1909616-3,00.html

Howell, J. & Avolio, B. (1992). "The ethics of charismatic leadership." Academy of management executive 6(2), pp. 43-54.

Kirkpatrick, S. & Locke, E. (1991). "Leadership: Do Traits Matter?" The Executive 5(2), pp. 48-60

Nye, J. (2008). "Charisma and leadership." Accessed 29 January 2010, http://www.huffingtonpost.com/joseph-nye/charisma-and-leadership_b_99466.html