It depends.
Pro's
IR
650 red
405 violet lasers all in one.
~20 mW max good for presentations and eye safe (well for the 405) the 650 is ~ 5mW and I think the ir is ~10mW.
Still in production
cons:
expensive (~$55-$60 compared to the HD DVD's at ~$20 - $30 at 100+mW)
no burning (or very very little)
PS3 sleds are usable (compared to the extinct HD DVD sleds which are mostly good for the LD)
Did I sum it up? "Good" is a matter of perseption, you should ask "do you think ps3 LD's are good" ;D in other words, I wouldn't buy one (more) now since the HD DVD's are "cheap" and abundent! ;D
Bad - as in they don't suck and have a descent output for fluorescent experiments and alike. Definitely good enough for a pointer and some are powerful enough to pop balloons and such.
And as mentioned earlier they are multi-coloured. Neat