I think "bien" is more like a word to stress something, like "J'aime bien le lait". It's kinda like the word "very" in English. "Bon" is the actual state of being good, like this very sentence "Le lait est bon". I'm answering based on my own observations and opinions. Don't take it as a rule; I might not be right :\
How is bon, bonne pronounced?
I thought they were both pronounced as bohnne
No, that's only the pronunciation for bonne. In bon, the n is much softer (basically not heard) and the o has a slightly different pronunciation.
Weirdness. "Most are placed after the noun. The acronym for the exceptions is BANGS: Beauty - Age - Numbers - Good/bad - Size."
Not quite sure how that fits in with Le lait est bon. Good/bad being an exception. Le bon lait would seem more logical.
Le bon lait, would mean the good milk. Thus using it as an adjective to directly describe the noun. That's not the same as The milk is good, which doesn't follow the the BANGS rule.
Thanks. My bad. I have this knack for misinterpreting. So it's actually the build of the sentence that dictates if or when BANGS are to be applied. :)
In a sense, yes. If you describe the noun directly then think about BANGS, but if you are using words like is, as, has etc. in the middle, then use them as you would in English. (At least up to where I've gotten so far ;) )