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I have no experience w/ TM, but have been a Zen practitioner for 15-20 years. On one level, the words can be a sort of empowerment. One of the many things we chant, in some Zen centers, is to save all sentient beings. You can't really do that of course, the task is too great, but it's a good intention.
On another level, you could be chanting "mickey mouse, mickey mouse" and it would work OK too. The idea in most meditation is to place your attention somewhere so that your mind can just do it's crazy thought loops so we won't get caught up in it. Then there's the physical resonance of the chants or mantras if spoken aloud, which can be powerful. Some people burst into tears at high level drum circles because the sound resonance effects a body release. So if you're chanting, silently or otherwise, something to just have a focus, it can be nonsense and work fine.
Buddhists usually meditate w/ the eyes open, as it discourages fantasies. The purpose is really to wake us up and increase our awareness, and if you meditate w/ your eyes closed, it's real easy to fall asleep and tumble off the chair or cushion! This can be embarrassing, but is often good entertainment for the Zen master, who will look daggers, but will usually be seen to be smiling later.
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