I think it can be a good deal if you live in an area where you have good coverage through T-Mobile and you don't mind 2G or 3G speeds, depending on the plan. As I've looked at it, it appears that the two main differences between Go Simple Mobile and T-Mobile Monthly are the slower speeds (no HSPA+) and it also appears that they do not have any roaming (T-Mobile Monthly has voice roaming).
From what I've read, it appears 3G speeds are in the 800 Kbps to 1 Mbps range. I've not yet found any estimates on the 2G speeds though, if similar to T-Mobile's throttled speeds, they are likely to be in the 100 Kbps range. The 3G data plan should be plenty fast for standard resolution video and music streaming.
And, looking at their website, it appears that a locked T-Mobile phone will work on their network. Though if you have a phone that is not under contract, I'd likely get T-Mobile to unlock it.
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