The Good: Easy to set up, easy to find parts, good power, good modulation, can be even better with better rotors and pads.
The Bad: The stock roundagon rotors are not that great. Get the CS2s.
IMO a much smarter buy than medium range or low range hydro brakes, especially if you ride a great deal. Changing a cable is much preferable to bleeding a brake system, but really top end hydros like Avid Codes and Hayes Stroker Ace will always have more power.