it's cryptonight and those new cryptonight ASICs are out there. Really good for coin development and securing the blockchain. Not the greatest thing for old-school GPU miners. 1 ASIC miner = hundreds of GPU dudes. I guess it will all work out. Not that big a deal. Just a lot of heated opinions out there right now and picky miners regarding algorithms.
It's not good for securing the blockchain, at all, you fool. This now means that there is no incentive to mine with GPUs, which means there are fewer individual miners. This can only harm networks, as now, individual users have control of massive hashrates, whereas prior to this in order to attain even 50KH/s you need to have a bunch of altruistic miners securing the chain, mayhaps even resulting in hundreds of individuals supporting the network before it's even on an exchange.
Now, with asics, there may only be one or two people mining a given coin at launch.