Teleconverters can be good, but generally they are at best barely ok or horrible. Teleconverters are designed to be used with focal lengths of 100mm and above. They are not designed to make a 50mm into a 100mm lens.
Truly good teleconverters are expensive. Look at the Canon and Nikon versions. This goes along with the fact that the teleconverters are made to work with only their very best lenses. These lenses are also quite expensive. If you go to Canon or Nikon's site you will see that they have a list of lenses that they will work on. The vast majority of those lenses are fast glass, f2.8.
Teleconverters magnify. That means they magnify the image coming from the lens. It also means that they magnify ever flaw and defect in the lens. Soft lenses become softer, CA is magnified etc. With cheap teleconverters not only will they magnify the flaws and defect in the lens they will throw in their own flaws and defects.
As already mentioned, you loose a degree of light gathering ability with a TC. 1 stop with a 1.4X TC and 2 stops with a 2X TC.
Frankly unless you are willing to spend big money on good lenses then a teleconverter will probably be a waste of money. I have both Canon's 1.4X TC and 2X TC and get quite good results with both. But then I am putting them on either their 300mm f2.8 or 400mm f2.8. Both lenses as good as they come and both quite expensive.