Not really, though that's a great start.
Yes, a lot of the currently available ones are basically speed pills with all the side affects. The infamous Fen Phen combo was one of these, but 1/2, Phentramine remains in common use. Phentramine and two other very similar drugs are just about all that's currently available as a "weight loss drug" from most doctors.
But there are actually new drugs doing different things:
There was one that boosted satiety but it was pulled when EU testing (after it sailed through FDA and was in use over here for maybe a year...) showed harmful side effects. This incident plus, of course, Fen Phen do tend to make me cautious, but on the other hand I appreciate any help I can get.
Another, Alli, is now available over the counter, it prevents abortion of 1/2 of the calories contained in fat one consumes, great for cheat days, restaurant meals, etc. Can have same side effects as olestra. It's a modest effect and hard to sustain without lifestyle change though.
I haven't read much about what exactly this latest drug does yet.