Basically. If you had a god that is all-powerful, all-knowing, and all-good/benevolent, and has absolutely no other characteristics governing his behaviour, you'd expect to live in a much, much nicer world than you actually do.

Most of the responses to this problem postulate that god has some other set of goals in addition to these four, i.e. he wants to reward the faithful, or he wants to ensure free will, or something like that. These responses generally succeed only by making the concept of god so muddy that you don't know what you believe in, i.e. He's all-good, all-knowing, and all-powerful, except for whenever he's not. More explicit point here.