While I'll agree with the fact that WOMD's massive production and development was a bad thing, overall the Cold War led to a period of unprecendented scientific advancement. Much of the speed of science was directly linked to the Cold War. The Space Race and many computer related developments are good examples. The drive to improve weapons of war ended up spilling over into peacetime technologies.
Now that the Cold War is over, the drive to have the best of all things is more global, but I think the competative spirit of it comes largely from the Cold War era.
Also, the concept of Mutually Assured Destruction has thusfar prevented the world from enduring a World War III scenario, so its not all bad. Its just scary to consider what the existant stockpiles of nuclear weapons could do.
"It is well that war is so terrible, else we should grow too fond of it."
- General Robert E. Lee
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"It takes a big man to admit when he's wrong. I am NOT a big man." -Chevy Chase