It can be done well, especially if uttered by a sub who is clearly still resisting, yet faltering under the dom's spell. But as a stock phrase, I actually find it to be a major turn-off outside of parody. When that's literally the first thing out of an entranced subject's mouth, or worse, the only phrase they use to address the dom, the scenario begins to feel like a parody in itself.
Even slight variations make a world of difference: "understood, master," "I shall obey your orders," "I must do as you wish"... all fine. Most of the induction cliches are fine by me too, so long as there's some followup. After all, it's understandable that "look into my eyes" would be the first thing said to a target of a guy with hypnotic eyes... But as Lucina mentioned, there's something thematically empty about that one string being the standby for every slave that takes me out of the fantasy.