Good for the artist.
Good for the consumer.
Bad for record, book, and software publishers and distributors.
I'm a writer. Most of all, I want people to engage with my work. If I can make a living from that then great, but it's not why I write. I've been doing it for decades without earning a dime and will likely continue until I die. The standard publisher-distributor model creates logjams where many good artists get lost in the slush. Unless you have been published, or are famous, it is unlikely you will get published. You have to rely on networking rather than ideas or talent. The internet now provides a way for creators and consumers to interact directly. The artist can throw his or her work into the free market and let quality of the work decide your fame. Readers can give feedback. Books may one day be beta-tested, who knows? More good work has a chance to surface to the mainstream.
Good for everyone.