This question isn’t well addressed, since such judgment must be done regarding a specific object (whether a country or a group of countries), not abstractly. Nonetheless, as Mr. Sean White remarked in his rather good answer, there’s some pros and cons. I shall point out some relevant issues concerning this question not discussed yet.
First and foremost, one nation does not deliberately choose to become a federation. Oppositely, such option is the outcome of its own institutional development, either as a group of independent states (e.g. USA, Germany), or as a country with many centers of power (e.g. Brazil).
On the other hand, unitary countries such France and UK are likely to show an institutional development which put aside regional differences and, mostly, has a single center of power (e.g. Paris, London).
As may be noticed, these arrangements don’t imply in a given economic outcome, nor in a given political system. Nevertheless, I may infer that Federal States simply cannot adopt a unitary one without a great inter-regional struggle, as their structure tend to rest on a political arrangement between the members of federation.
Accordingly, federalism is a good thing for those nations which succesfully adopted it, considering the other institutional options. Still, it may be good for unitary countries, but such finding must be done on a case by case basis.
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