Imo, it is much easier to see that it's bad for Black if you look at the original position:

Click Here To Show Diagram Code

[go]$$Bc
$$ --------------------------------------
$$ | . . . . . . . . . . . . . . . . . . . |
$$ | . . . . . . . . . . . . . . . . . . . |
$$ | . . . . . . . . . . . . . . . X . . . |
$$ | . . . O . . . . . X . . O . . , . . . |
$$ | . . . . . . . . . . . . . . . . . . . |
$$ | . . . . . . . . . . . . . . . . . . . |
$$ | . . . . . . . . . . . . . . . . . . . |
$$ | . . . . . . . . . . . . . . . . . . . |
$$ | . . . . . . . . . . . . . . . X . . . |
$$ | . . . , . . . . . , . . . . . , . . . |
$$ | . . . . . . . . . . . . . . . . . . . |
$$ | . . . . . . . . . . . . . . . . . . . |
$$ | . . . . . . . . . . . . . . . . . . . |
$$ | . . . . . . . . . . . . . . . . . . . |
$$ | . . . . . . . . . . . . . . . . . . . |
$$ | . . . O . . . . . , . . . . . X . . . |
$$ | . . . . . . . . . . . . . . . . . . . |
$$ | . . . . . . . . . . . . . . . . . . . |
$$ | . . . . . . . . . . . . . . . . . . . |
$$ --------------------------------------[/go]

After 1-10 in the final diagram, Black's Chinese opening is shattered and Q11 is out of place. Remember, Q11's purpose in the Chinese opening is to allow Black to play more aggressively on the upper right corner, serving as a setup pincer to an approach there. But in the final diagram it becomes useless and has no attacking power anymore since White gained thickness and influence in the heart of Black's opening.

You could say that locally it looks okay, but globally it is problematic for Black.

Actually, while the german term "nicht schlecht" (not bad) carries the implication of "good" and often expresses admiration, the Japanese term "warukunai" (not bad) carries the implication "not good either", comparable to the English "could have been worse".

I would immediately take white. White got a large corner that was originally black's, and they both established nice, strong positions full of profit. The problem with this is that white was outnumbered to begin with, and in any Chinese opening, white is supposed to live small, or very lightly - Normally black gets far more than what white gets, and often Sente too. Think of the black stone on the right side instead: If it's white's turn, it's unlikely that white's next move was to be played there, as the board is quite open. If it were to be thought of as a pincer, than its meaning would have long since vanished. Black would also not play his next move there, I believe. Anyway, compared to normal Chinese opening results for white, this is great.

To be honest, I would agree with Cho and say this is actually 'bad', bad enough to throw away from consideration after thinking about it a little.

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I will weigh in with a vote of "very slightly bad". The B stone at Q11 looks slightly inefficient in the final position; if I could move it a space or two further away, or play somewhere else entirely, I would do so. However, this is a minor quibble, probably only significant to a professional. Playing in a Malkovich game, I don't think I would pay two points for the privilege of moving it