From what I understand, no matter what kind of organic fuel you burn (biodiesel included), it releases the same amount of pollution. However, taking power away from traditional oil companies is a good thing.
My friend just got back from Europe, and he was very impressed with their mass transit system. People don't HAVE to drive there, and a lot of fuel is saved, which is good because it's very expensive (from what I'm told). Hopefully Canada and the US will start to adopt mass-transit systems (trains, LRT, trams, busses, etc)