As to the question of does it make good cookware, it's not necessarily poorly suited to the purpose. Most cookware, tableware, the stainless steel surfaces for counters are one of various 300 series steel rather than 400. The common parlance used is 18/10.
18 refers to the chromium percentage and the 10 the percentage of nickel. You'll sometimes see 18/8 but it performs on par with the 18/10. Chrome and nickel make for a very stain/rust resistant Steel but it tends to not be so magnetic without extra work. These features make it very easy to care for and live with. Your 400 series Steel has 12-13% chrome and no nickel. Generally 12% is the cutoff for calling a steel stainless.
You'll have some slight increased risk of staining/rusting. And I guess an increase chance of scratching because the carbon content is so low it can't be as hard. This is all in the realm of nit picking though.
I wouldn't say nitpicking really, a lot of folks have been shocked and angered by their stainless staining. 400 series stainless can easy enough develop some rust spots, cheap stainless steak knife the women here use sitting on the counter with such spots, but actually it's carbon content is higher and the steel harder/stronger, like 440C blade steel.