Very decent guitar right out of the box. Satin finish is nice. Solid guitar, fun to play.
The bad: Lousy strings, mediocre machine heads and PU switch, standard cheapo pickups.
The good: Body, neck (fat enough), frets, the "feel", appearance, balanace spot on. Good setup. Basically higher quality stuff then you might expect at this price range.
Summary: Sturdy piece of guitar that has great potential. Pickups need to be replaced if you are picky, they deliver weak rock and ok metal sound but not much more than that (amp dependant probably). All in all recommended, and not only because it is cheap. Amazing value.