So, are you asking "Is Lawful Good actually the paragon of Goodness, the diametric opposite of Evil?" Or, perhaps, are you asking "Is [playing] Lawful Good actually Good [for my enjoyment of the game]?"
Ahem. As a somewhat powerful entity of the Lower Realms currently on vacation from Nessus, I assure you that the question as first posed is correct. My collection of shrunken paladin heads will attest to that. The question as posed in the second part is answered by a definite "No." In this fiend's humble opinion, the Lawful Good alignment is a horrifying set of shackles that hampers almost every aspect of roleplaying. From the character's inception on through that fateful day the GM says "hand in your sheet," a LG PC finds itself hamstrung by a litany of regulation and tradition that snuffs out nearly all independent thought and choice. Gotta tithe to the church, gotta help the poor, gotta run errands (euphemistically called "quests") for the church-king-damsel-yadda-yadda. And that's just non-combat situations. Combat? Did I mention the paladin heads? Some of those guys had less than 10HP when they met me. "Wait, go heal up," I say. "At least make this interesting. Yeah I rolled a 20 on that Survival Check and it doesn't look good for you right now with all the extra holes in you, so. . .naturally you're charging me, screaming battle cries. Okay then, Sparky." *SMACK!!*
Since when did Lawful Good mean Lawful Stupid, are you with me on this? Try Lawful Evil. Yeah, we have a strictly enforced caste system, instant punishment for failure and disobedience, and our reward system may be a bit tardy. . .
But we let you use explosives! And our resistances are better. And the weekly Hawaiian-style/Cajun BBQ's are just epic! Oh, and our 401(k), stock options, and profit-sharing plans can't be beat in all the realms. Ah, and in 4th edition, we got the succubi on our team, go figure. Not complaining there, mind you.
So, will Kevin Smith ever make a good movie again?