Is Visual Studio 97/5.0 (its called both) any good?
Depends on what you are going to use it for. So nothing can be said exactly about it. But remember that it is not C99 standard compliant, so if you are going to use it you will find a lot of features unsupported. If you are going to pay for it, I would advice against it. If you are getting it free, and if you think it will suit you, I wouldn't say no.
But the Visual Studio 2005 Express Edition is much better and free. So I usually recommend it.