1
general::
Phrase(s): (all) well and good
good; desirable. • It’s well and good that you’re here on time. I was afraid you’d be late again. • It’s all well and good that you’re passing English, but what about math and science?
McGrawhill's American Idioms And Phrasal Verbs
2
general::
Acceptable, all right, as in If you can get a better discount elsewhere, well and good. This redundant phrase was first recorded in 1699.
American Heritage Idioms