It has won some awards from the likes of PC Mag. It's one of the few "for pay" antispyware programs I have some faith in. But I would buy Ad-aware first. Or just use the free version and scan manually
PC Mag's latest testing puts SpySweeper and Spyware Doctor on the top.
However, as history has shown, it takes a battery of protection to catch everything, no one program does it all. Which is why the dynamic combo of Adaware, Spybot, HJT, and perhaps Spyware Blaster works so well.
A lot of people on this forum will tell you, they don't even use an antispyware suite. I don't. All it takes is common sense and a good web browser and you can avoid it. Then just scan occasionaly with the aforementioned tools and you're good to go.
Those types of programs, like SpySweeper, tend to stick their "fingers" into every space in Windows, using valuble resources and sometimes causing havoc. It's a toss-up.
But to answer your question directly, is it any good? I guess I'd say it is, you could do a lot worse.