I believe, like pretty much everything, that it is good.... In moderation. I believe it has some good messages, but I also think that people take it way way way too seriously. If people want to live by those standards then good for them. I don't however think it is appropriate to use the Bible to formulate ones political beliefs however, as this tends to lead to bigotry if taken seriously enough (ala Falwell).
I agree that political beliefs should not be formed by what the bible says. But religious beliefs and laws are so intertwined that it is impossible for some to separate the two.