The phrase "well and good" is commonly used to express approval or agreement with a certain situation or action. However, there are plenty of alternative phrases you can use to convey a similar message. For example, you can say "great," "fantastic," "awesome," "wonderful," or "excellent." Other options include "satisfactory," "adequate," "acceptable," "sufficient," or "proper." Additionally, you can use phrases like "ideal," "just what I was hoping for," or "perfectly fine." Regardless of which synonym you choose, they are all effective in expressing agreement and approval in everyday conversation and formal writing.