It's similar to VB too, but it did remind me a bit of Python. It's designed for making games exclusively, so it doesn't have a lot of advanced functions of other languages, and yeah, it is pretty slow paced. But it is very easy to learn, and it's possible to make actual 2D MMO games without much work - NEStalgia is a good example of a popular one.
So while you're right that this isn't useful if you want to become a professional programmer, it's nice as a first language so you learn about basic concepts such as indentations and variables.