In reality they have a somewhat limited say in who the Commission president is going to back and almost no influence on its members. Compared to most national parliaments it's extremely weak and quite pointless.
It's pretty much a joke, it can't propose any legislation since it doesen't really control the "EU government". The could be a majority in the EU parliament that would support passing specific legislation and they couldn't do anything about that, not even have an actual vote.
