I believe that it's a perfect tool. Lots of people have a stigma about Fruity Loops beats, but I've never had anyone question my abilities or practices, and I've been an avid FL guy for a few years now.
You can check my beats at
www.krackatraxxx.com to hear at least how I do within the program.
I actually don't mix in FL at all though. Everything is either bounced out of there for demoing as is, or tracked out and mixed on my PT rig. The differences are enormous, but that's to be expected with the level of effort between the FL mixes and the PT mixes.