Some people think Flaming Red Hot Cheeto's from Frito Lay are not the most nutritious fare available and some schools have banned them. Those who ban them say they are little more than chemicals and food coloring and that children should be educated to make better food choices. I found no evidence that the Flaming Red Hot Cheeto's are any less healthy than other chip choices though.
Cheetos (hot or normal) will never be considered a health food. Cheetos are made with corn and flavorings. The only way they would be bad for you is if you ate too many too often. To learn more about Cheetos, please see http://www.ask.com/wiki/Cheetos.
Hot Cheetos are not bad for you in moderation. Like all snack foods they are high in calories and little if any nutritional value. The hot variety is also very spicy and over consumption could cause ulcers.