You're close, but it's a bit more negative generally. 'That's great and all, but...' is a way of saying (at least in the UK): 'what you just said sounds like it's good, but it actually isn't that good to me'. So you're acknowledging that it is reasonable, but then pointing out why you don't like/want it etc. In UK English we also use 'that's all well and good, but...' and I've heard 'that's all fine and dandy, but...' and they all mean the same thing in these contexts. Here are some sentences in context which will hopefully make it clearer: A: Here's my homework! - B: That's all well and good, but it was due yesterday! A: Have you seen my new phone? It's got two cameras! - B: That's great and all, but Tom's phone has three. A: The trains aren't working, so you can have a bus ticket instead. - B: That's all well and good, but if I'd wanted a bus ticket I would have bought one! Hopefully that clears it up a bit :)