I don't know if bitcoin is a good store of value, but I do know that it is worth considering as a transaction currency, because it is unregulated and range-bound.
We all know bitcoins can't go to infinity, because there is a infinite amounts of goods out there, but we also should know that bitcoin will unlikely go to zero. In fact, I can guarantee that it will not go to zero, because I can take a few K of my own money and guarantee an exchange value for all the bitcoins in existence. Now, why would somebody do that? Well, because bitcoin can be useful as a private transaction currency. As long as it is useful for transactions, it will probably be worth it for somebody somewhere to back it, for something.
I don't know if it is in a bubble, or how volatile it will be, but as long as it's range bound, the market will be able to compensate for that and make it useful. Even if the nature of bitcoin makes it deflationary, and susceptible to wild fluctuation. As long as it's range-bound, and useful for transactions, I don't believe the market will fail. However, it may change its pricing structure. People may price their stuff dollars, euros, or gold, and then complete the transaction in bitcoins. Even if that's the best that bitcoin can do, its still a major improvement.
Another very important thing. When governments screw with the currency, they almost always accompany it with things like capital controls, legal tender laws, limited withdraws, forced exchange rates, and so on. Bitcoin has none of that getting in the way, meaning the market will probably be extremely flexable about bitcoin use.