From Longman Dictionary of Contemporary Englishthat’s/it’s all well and goodthat’s/it’s all well and goodspoken especially British EnglishBUT used to say that something is good or enjoyable, but it also has some disadvantages Going off on foreign holidays is all well and good, but you’ve got to get back to reality sometime. → well
Examples from the Corpus
that’s/it’s all well and good• If that helps the government keep up with their debt repayments, that's all well and good. 