The Bad you've already read in the other reviews. Here are the good points:
1. The musical CD included, "The Elephant in Aisle 4," is fun, enjoyable and addictive. It won't drive you crazy listening to it dozens of times, and is worth the money. It was the first children's CD among many that my 2 year old son started singing along with.
2. If you have two young children close in age, 2 and 4 in my case, you have some cheap options in software (... for 4 CDs). My two year old simply likes to be on the computer and doesn't have to be dazzled. He can manipulate BabyWow by himself.
3. Buddy the Paintbrush to me is hard to manipulate and is like getting stuck in a loopy maze. Having said that, my husband was rather fascinated by how well my 4 year old daughter has learned to mix the colors, and she can manipulate the software.
4. Smiletown is odd and surreal. It is also quite popular with my 4 year old. Regarding "buttocks", I could have done without it, but it's just another anatomical term that you're going to have to explain eventually anyway. Four years is not too tender an age to learn the correct terminology.
BOTTOM LINE: There is better software, but this quartet does deliver a decent bang for the buck.