Yes it is great, but not as great as people think. It has been said before "Democracy is the least worst form of government".
People generally believe that the government should reflect "the will of the people".
There are a couple of problems with this,
There is an demonstratedly reason that democracy fails: voters ultimately vote for "more" which moves resources from productive activities into consumption.
Democracy leads thoughtless votes
A system of periodic elections tends to give rulers a very short-run perspective.
Would you rather have, representative democracy or representative self ownership.
Voting is appropriate if voters want to be part of it.
There is no such thing as government or the state; there are only individuals acting together in their own interests against the interests of other individuals who are powerless to stop them.
Democracy has to be more than just an election every three years; otherwise we are stuck with an elected dictatorship for three years at a time.
Because the decisions that result from the electoral process will be imposed monopolistically on everyone in a polity, a decision made by some fraction of the whole may not adequately take into account the interests of the rest.
Why wait until there is a majority of 1, to change a law. Moreover, a man more right than his neighbours constitutes a majority of 1 already.
A direct democracy seems to be what some people wish for, but that could not exist under our form of government, and does not exist anywhere in the modern world. Representative democracy is messy and imperfect, but is probably less imperfect than any of the alternatives.
Even if 51% of people prefer something, there are 49% that don't. That could be a lot of people. Then, if x% of all those people don't even have intimate knowledge (an informed opinion) of what is up for discussion, then this could lead to bad laws being passed.
Representatives are not accountable to voters
The Reform Act of 1832 saw the abolition of many "rotten boroughs" - seats with only a handful of voters, which would be sold to the highest bidder. Old Sarum was one of the most notorious, with only 11 voters in 1831. Which 18th Century prime minister was the MP for Old Sarum between 1735 and 1747?
The market is like direct democracy
"democracy, freedom and human rights are not one thing but three."
http://www.bbc.co.uk/news/uk-23832607 Forced voting must be balanced by an option of "None of the above"
http://www.bbc.co.uk/news/magazine-27310566 State of democracies
http://www.bbc.co.uk/news/world-30734123 Democracy day
http://www.bbc.co.uk/news/business-32116587 Ability for people to challenge democracy