The not too good things you've heard about it are unfounded because it belongs in the same group as Vioxx (Cox 2 inhibitors). It has not been shown to produce terrible side effects like Vioxx and has never been taken off the market.
The advantage of a Cox-2 inhibitor is that it only inhibits the Cox 2 enzyme. This enzyme is what you want to block to with regard to inflammation and pain.
Traditional NSAIDS like Ibuprofen, Aspirin, and Naprosyn/Aleive are nonselective cox inhibitors. They inhibit both cox 1 and cox 2 enzymes. The problem with blocking cox 1 enzymes are that you can develop gastric ulcers with long term use and that the cox 1 enzyme is also responsible in part for platelet aggregation and the clotting of blood. (That's why people who are worried about heart attacks take aspirin.)
Acetaminophen or paracetamol to those across the pond, which is not technically an NSAID, is believed to block the Cox 3 enzyme. This helps it interfere with the perception of pain, but it doesnt do anything to reduce inflamation.