The little pink pill performed poorly in FDA trials. The New View Campaign has been against the drug because they claim it tends "to pathologize normal sexual diversity and therefore NARROWS the 'cultural ideal' around female sexuality." Miriam at Feministing has a related thought:
Who decides what is hypoactive (aka not active enough or under active) sexual desire anyway?
In my opinion, sexual desire is not something that can be measured independently, most frequently what becomes an issue is how it compares to that of your partner (if there is a partner involved). Women are stereotyped with never wanting sex and men with always wanting it, but we all know it's never that simple.
The ensuing comment thread bats the question around some more. It seems simple enough to me in a free society. If it works, whoever wants to use it should be able to. You want more sex drive? Have at it. Personally, I'm somewhat relieved by the abatement of mine with age. The time I spent!