I don't think it's a bad lens and I quite like it. But out of my lenses it's not at the top end. My best two are the 100mm 2.8L Macro IS USM and the 100-400mm. The 12-24mm isn't really sharp but it's a lot of fun to use and the build quality is nice, the 24-105mm isn't that good in this case (I guess it has some kind of front focus but my 500D has no AF adjustment), the 50mm 1.8 has some great optics inside...
And the other EF(-s) lenses I have are the 35-80mm, the 28-80mm USM, the 18-55mm IS and the 100-300mm USM. The last one is pretty good, the 28-80mm has a very similar build quality but I didn't really compare the image quality, the 18-55mm IS is quite OK and the 35-80mm is absolutely no fun.
Erm... oh... I just remembered something... I also have the 28-105mm - some kind of lens whose build quality is very similar to the 18-55mm (non IS, first version) lens. Well - I could do a comparison between the 24-105mm 4L IS USM lens and this cheap 28-105mm 4-5.6 lens

My brother has the 35-105mm 4.5-5.6 lens, which is probably the loudest lens I know.
With all my cheap lenses I could do some kind of "cheapest DSLR start with used equipment" test (cheap EF lenses vs. M42 lenses with adapters) and after that I could say which of them is the worst
