Let's leave aside the four types of silicone and the paraben preservative (all of which are potentially harmful) and the ingredients you'd find in any drugstore hair product (anti-static agents and panthenol) and take a look at things that might conceivably bring any benefit.
First up, there's extract of the spotted orchid. The most notable thing about this plant (other than it has been deemed for centuries to be an aphrodisiac) is the utter lack of clinical evidence that it has any therapeutic value whatsoever.
Ted Gibson's Goodnite also has a handful of vitamins. However, the ingredient with promise is hydroxypropyltrimonium hydrolyzed silk. Hydrolized silk has a small molecular size and is easily absorbed by the skin. It is used in potion and soap making because it imparts a feeling that is, unsurprisingly, silky. Also called silk amino acids, hydrolized silk is credited with strengthening the hair. This may be because it provides a protective barrier on the hair shafts. Applied to the hair, silk protein dries to form a transparent crystalline protective film. The protective film seals the hair cuticle, so that it is easily detangled and will shine. Silk also acts as a moisturizer by preventing drying. Like silicone, however, the silk protein can build up over time causing really bad hair days.
Oh, by the way, eight pounds of silk amino acids can be bought at Lotioncrafter.com for the same price as 4oz of Goodnite.
Ingredients in Ted Gibson's Goodnite
Water (Aqua), Cyclopentasiloxane, Orchis Maculata Flower Extract, Lavandula Angustifolia (Lavender) Oil, Tocopheryl Acetate, Hydroxypropyltrimonium Hydrolyzed Silk, Retinyl Palmitate, Fragrance (Parfum), Glycerin, PEG-40 Hydrogenated Castor Oil, Panthenol, Methylparaben, Dimethicone, Disodium EDTA, Amodimethicone, Cetrimonium Chloride, PEG-12 Dimethicone, Steartrimonium Chloride, Hydroxyethylcellulose, Trideceth-12.