it's sufficient to tell that:
1. the server is on
2. it's accepting new connections
3. it's not stuck (with a KEYS command, etc)
4. it's not loading data from disk
5. it's not in the middle of a master SYNC.
which is fine most of the time.
it does not guarantee that:
1. commands you need are not disabled.
2. replication works ok
3. this is the master or slave in case you're using master/slave.
4. it will accept newer connection than your connection.
5. the version is correct and supports all the commands you want to pass it.
6. this is the RIGHT INSTANCE - this is a major pitfall if you're using many instances. AUTH can be used to address this.