I think they're excellent - I have 10 beds, and it makes looking after the veg garden very easy. It raises them above most of the slugs, and if you have a framework with insect mesh to put on top, it cuts down the caterpillars etc too. Don't make them more than 4 foot wide, so you can reach both sides easily, but I would say make them as long as you can. Even though it's a bit of a trek going down one side and up the other, it's a much more efficient use of space than going on the 4' X 4' framework often recommended.
Here's some links that should help:
http://www.squarefootgardening.org.uk/
http://www.hintsandthings.co.uk/garden/square.htm
http://www.gardenorganic.org.uk/schools ... sqfoot.htm
Important points are:
Once you've got the framework in place, prepare the bed by double digging (backbreaking, but you only have to do it once).
Many sites recommend putting in a layer of cardboard at the bottom to help water retention and supply extra nutrients. On top of this, pile all the soil. Add a good thick layer of compost - any sort, doesn't really matter. Plant into the compost.
Once they're built, never, ever step on them - the whole point is not to compact the soil. Similarly, don't dig and don't hoe more than the top half-inch (once it gets going, you shouldn't even need that; the few weeds you'll get come out very easily).
In general, it works best if you raise the seeds separately and plant into the beds, but otherwise use a dibber and plant two seeds at the spacing given on the websites (some of them don't always agree on the spacing, so probably best in that case to use the wider one - I've certainly found that leeks need more space that 16/foot, for instance).
Keep any bare soil covered, either with landscape fabric or a green manure. Use phacelia (shoo-fly plant) or mustard if it's to be followed by legumes; clover for anything else. One American site (which unfortunately now seems to be gone) recommended planting directly into the green manure, whereas others recommend just turning it over into the top layer of soil.
Keep to a rotation, so nothing's in the same bed two years running - worth using a chart for this, as you will forget!
Worth having a separate permanent bed for rhubarb, asparagus and perennial herbs.
HTH