The area, while currently still a little blighted-looking with the hospital and the industrial /commercial zoning all around, is less than salubrious at the moment but there are a few projects in the works. This one will bring new commercial and residental tenants and will be finished in about a year. http://newyorkyimby.com/2015/07/new-look-810-flushing-avenue-bushwick.html
In addition to the very controversial Rheingold development, and lesser rental projects in the works in the streets around, the area around the J/M will start to change even more dramatically in the next year or so.
There are already new restaurants that have opened recently a few blocks east on Flushing.
Is the change good or bad?
It's bad for some of the commercial tenants. They're probably the most vulnerable.
It's hard to argue that taking unused buildings/land and turning it into new housing is bad.
And if the corridors along Flushing and Broadway become safer at night (I can tell you from personal experience there are a lot of shady characters hanging around there, still), then even better.
The area will bring more diversity because currently there are a lot of housing projects surrounding that specific intersection: Sumner, Bushwick Houses, etc. Bringing wealthier tenants will help bring some money into the neighborhood, and no housing was torn down to make that happen.