It's a good 'middle of the road' lens. The quality is better than the cheapest lenses but it's not as good as the more expensive lenses.
It's a good range for everyday type shooting and the Image Stabilization is nice to have. The problem with this lens (compared to better lenses) is that it's got a rather small maximum aperture (F3.5 to F5.6).
Also, if you are using a 'crop' digital body (Any of the Rebels, or two digit models (40D, 50D)) then I think it's a bit of an awkward focal length to be your 'everyday' lens. For me, 28mm just isn't wide enough.
My suggestion for a very similar lens would be the EF-S 17-85mm IS. It's practically the same lens, just wider for the crop cameras. Of course, if you want something longer, then the 28-135mm may be a good choice for you.
If you want something with a larger max aperture (and who wouldn't) then you might consider the EF-S 17-55mm F2.8 IS (although it's rather expensive). An alternative to that would be the Tamron 17-50mm F2.8 or the Sigma 18-50mm F2.8.
I have both the Canon 17-85mm and the Tamron 17-50mm F2.8. The Tamron is a 'better' lens but besides the aperture size, there is nothing wrong with the Canon, and I use it often.