The good is that it grows fast, and on a reverse photoperiod it can help stabilize pH. That applies to lots of macroalgaes though. The bad is that it goes sexual and can poison a tank. The ONLY way to keep it from going sexual is to prune it constantly. However, pruning it also releases toxins. It's also very hard to get rid of if it attaches to your rocks.
Personally I prefer Chaetomorpha. It has all of the good of Caulerpa without the bad. The only downside I've found to using it is that little bits of it will often break off and float around or get sucked into pumps.