Is bad cholesterol bad?

I have little faith in the whole cholesterol hypothesis and the labelling of something as "bad" just seems to be dumbing down to the extreme.

Anyway, this was interesting:

'Bad' cholesterol not as bad as people think, shows Texas A&M studyCOLLEGE STATION, May 4, 2011 – The so-called "bad cholesterol" – low-density lipoprotein commonly called LDL – may not be so bad after all, shows a Texas A&M University study that casts new light on the cholesterol debate, particularly among adults who exercise. .....