Can't beat it
I wanted a new acoustic but didn't want to spend a lot of money. I visited music stores and tried every sub-$1000 acoustic I could find. The Taylor 110 won by a landslide. It sounded far bigger, clearer, and just an overall more "full" than anything else near that price. It beat Martin, Takamine, Yamaha, Ibanez, Epiphone, Fender, and Seagull.
I was very surprised at the full sounding crystal clear tone this guitar oozes. It feels comfortable to play too. The action is good. For strings I use light guage (13's) and tune to Eb. I love the half-step down tuning, it feels better and gives me a more soulful lower end. This guitar handles that like a charm.
As for finish it's almost unfinished. That doesn't bother me. I think I kind of like it. Still, this is my first Taylor and after a year, or so, I may trade up to a 410 which has the thicker gloss finish but this varnish finish is still very good.
The gig bag is very nice, for a gig bag, but still won't offer full protection so be careful with it.
If this is the price range you're looking at I promise you won't be disappointed if you pull the trigger on this model. It has made me very happy. I've owned very expensive guitars and very cheap guitars in my life. I'd say this guitar plays like it cost about a thousand bucks more than it does.