Answer: Depends on which angle you look at it.
Good:
For decades conflict had been worldwide. The war may have been cold, but it was very hot elsewhere. Vietnam, Afghanistan, many brutal wars were waged due to the USA/USSR rivalry split. Also, many countries were overthrown by the USA due to them being pro-Soviet, but now there was no reason to.
Also, many countries had suffered under the heel of the Soviet Union for decades. Now, they were free from the oppressive heel of the USSR. The living standards of many freed countries such as those in the Baltic and Eastern Germany suddenly spiked, and many families tearfully reconnected with their loved ones.
Bad:
I read this quote(cant rmb where) that states: There must be two conflicting superpowers for history to move forward. Throughout history, this has taken many forms: The Sasanid and Romans, the British and French, the Americans and the USSR. Suddenly, there was only one, with almost unmatched global dominance never before seen.
Many small countries such as Syria and Cuba received disproportionate attention as both sides looked high and low for allies. Now, there's no reason, and many countries who might have been offered alliances left right and center are now abandoned.