There is no bad type, just bad uses of type. I have seen cooper black used as brilliantly as garamond and I have even used a blackletter face that turned out fantastic. On the other hand, any font can look horrible when improperly set.
I would highly recommend everyone, not just graphic designers, read the book Stop Stealing Sheep. It is a manual of how to properly choose, use and set type for all different professions. I have been re-reading it the past few days and found it very helpful to remind myself of a few of the finer points of typography. I truly believe God is in the details and taking the extra time and attention to fine tune your typography is what puts your design at the next level. Not to mention it will improve the readabilitiy and legibility of your piece.
If you really want to delve into the finer points and culture of typography, I would recommend visiting www.typophile.com. It is a forum for typography discussion created by a fellow classmate of mine, Jared Benson.