No, soy is not bad for you.
People have overreacted, in my opinion, to the presence of phytoestrogens in soy. Given that most of the men in cultures where soy is eaten in large quantities don't seem to be having major problems, I don't think it's as big of an issue as people make it out to be. Further, there doesn't seem to be any evidence for the claim that phytoestrogens have a negative impacts on androgens in the scientific literature (see:
Clinical studies show no effects of soy protein or... [Fertil Steril. 2010] - PubMed result).
You can read more general info about the benefits of eating soy as part of a healthy diet here:
Soy [NCCAM Health Information]
HOWEVER, soy can be unhealthy for you when it is included in prepackaged, processed foods high in calories and sodium. Perhaps that is where some people get confused.