That meat's been left out of the fridge for a while; can we still use it? No it's no good at all.
I think my homework's pretty good; dont you? No, it's not good at all - it's pretty poor actually.
Therefore both uses are absolutely fine, it just depends on the context.
There was a young man from Devises, Whose ears were of different sizes, One was so small it was NO good at all, While the other was good, and won prizes.