* Sherlock Holmes: He's the protagonist and the one who solves the case. While driven by logic and deduction, he shows respect for Irene Adler's intelligence and capabilities. He's not inherently "good" in a traditional sense but acts based on his principles and his client's wishes.
* Irene Adler: She's the antagonist, but also the one who outwits Holmes. She's cunning, resourceful, and fiercely independent. She's not a villain, but rather a formidable opponent. She might be considered "good" in that she acts to protect herself and her freedom.
* King of Bohemia: The client, he's a bit of a villain himself, trying to use Holmes to blackmail Irene Adler into surrendering a compromising photograph. He's ultimately outwitted by her, showcasing that true power lies in her hands.
Ultimately, the story doesn't neatly categorize characters as strictly good or bad. It explores the shades of grey and how individual actions can be interpreted in different ways. It's up to the reader to decide who they consider the "good guy" based on their values and understanding of the characters' motivations.