I am a philosopher type of person and believe nothing is good or bad. It is what your needs make them. So all you need to do is identify your needs.
I personally feel that Me is a much better version than Windows 98SE. And if you r a home user like me you will also like it. Some drawbacks of windows me which I have heard from people have some justifications from my side.
1) The first thing pointed by most of the ME users is that it is slow. Yes if you run Me and 98SE on same configuration 98 will run faster. What is the cause? Windows Me is a feature rich operating system. New features and applications like moviemaker does take resources. And thus make it slow to run. But thats not the mistake of windows and Microsoft either. If they have to sell a new O.S they have to introduce new things. And isnt it what all software companies does. Tell me a name of software whose later version has smaller size than its previous one. And believe me all coming versions of operating systems are going to be heavy and need more resources. So dont count this as its drawback. Because if someone says that scooter is better than car as car cant enter in tight streets, then in my view that is a mistake. Yes but if he have to move in tight streets then scooter is a better option for him. But car is good for rest.
2) The other thing that is pointed out is it is not good for networking. Well! It is not made for networking. For that there is Windows NT, 2000 or XP pro. Yes it has got home networking wizard and supports very well 2-3 computers. Dont expect more from it.
3) It doesnt support some old drivers. Yes it is true and certainly a drawback. But if you have a new machine then just ignore it as the support it has for new drivers is just great. And the drivers which r not there in Win Me, Well you need to install just once and it will have them in its database e.g. I just had to use my modem cd for once for its driver and after that I never needed it as only thing I need from thereon was to update config and the driver was automatically installed.
4) System Restore: It takes up a lot of space and make system slow. Well it is true again but if Me has give this facility it has also given us power to enable or disable as well as customize it. And how many times it would have helped people is going just unnoticed. Keep visiting this site specially in Windows XP section and you will be surprised to see how many time the only workable solution left is system restore. And if you have resources why take risk.
5) And at last the only flaw I ever found in windows Me is what I come to know was my lack of knowledge. It does not have Dos mode. Well it does have the real time dos mode. All we need is a little patch and we have Dos mode running fine. For more details, you can check one of my asked questions in same section.
And the facilities it has! Well have you tried defragmentation in windows 98. If yes then you r going to love it happening in Me. System, movie maker are some applications for which some people will willingly pay to similar software manufacturer. Windows media players digital support and directly copying audio CD in itself are some of other good features. So what I am going to recommend you is go for Windows Me? I am going to surprise you by saying No. Because a better option is there in market as Windows XP and if you have a system with configuration good for Windows XP then jump directly to it.
And from next time anybody tells you that Windows Me is not a good O.S. ask him why he thinks so. And judge it urself whether that will be a problem for you or not.