It's been known for a while now that the better indicator for heart health isn't the amount of cholesterol but the amount of it which has oxidized. I think labeling LDL as "bad" and HDL as "good" is just another oversimplification, cholesterol is good for you, your body needs it, both kinds. Here's one of the better sources of info all about it, all backed up with citations from recent, credible studies : http://www.cholesterol-and-health.com/Does-Cholesterol-Cause-Heart-Disease-Myth.html. I think the part you're looking for is further down the page, about the oxidation of LDL and it's effects on the heart.
And than the there are studies like this, which show the importance of HDL and Trigs: http://livinlavidalocarb.blogspot.com/2007/01/study-hdl-triglycerides-better-markers.html. unfortunately the study itself seems to be locked away unless you're a member of the site.
It's also important to keep in mind that this topic is obviously complicated and there is no one, singular cause and effect happening here, but I do think it's becoming more clear that the focus shouldn't be on the levels of cholesterol, there's far more going on...but the pharmaceutic companies need to sell their statins..
