Decent, for the price.
I'm not giving this guitar a three star rating, because I wouldn't describe this guitar as "really good." However, this guitar was pretty much what I expected for the price, so I am not at all disappointed.
This guitar also came with a quality, attractive, hard-shell case, which was a big bonus for me. This guitar is also an acoustic-electric with a cut-away and a built in tuner. The guitar ships with an installed battery, so if one was so inclined, one could plug it in out of the box and play it through an amplifier right away. I haven't plugged this guitar into an amplifier yet, but I would expect it to have a bright, fender sort of sound if I did. This guitar is also fairly attractive, which never hurts. The low price, the cutaway, the free case, and the acoustic electric feature pretty much cinched the deal for me.
However, there are a few issues which are worth mentioning. There are a couple issues which I expected. The action on this guitar is a little high, which is especially noticeable at the high end of the fret-board. This could be fixed with a an approximately $50 set-up, which I would strongly recommend. A set-up is pretty much standard for any guitar, so no real issue there I suppose.
I was worried when I tried to play the factory strings, because those strings sounded flat and just had no sparkle. This is also not really a a surprise. Factory strings never sound that good. I replaced the factory strings with GHS phosphor bronze, extra light, bright bronze and I'm very pleased with the sound and tone.
My biggest complaint would be that I think the bridge is flawed (at least on my guitar). Maybe it's just operator error, but the holes that the pegs go into seem much too large. The pegs don't fit snugly into the holes. The only thing holding the pegs in place is the pressure of the strings. If the strings weren't in place, the pegs would simply fall out of the holes. The pegs should at least have a little bit of a snug fit, even before the strings are installed. The bridge just seemed off to me and didn't feel right compared to other acoustic guitars that I've had in the past. This could be an issue for some people if they find later on that the bridge needs to be replaced, which is more trouble than I would put into a guitar at this price range.
The last issue is a small one, but the sticker on the pic-guard is really a hassle to get off. It would take some patience to remove it without scratching the pic guard.
So, overall, considering the low price and some of the built-in features, I would say this is a good guitar for beginners, or for seasoned players to travel with and bang around a little. For beginners, I would recommend finding an experienced person to help with replacing the strings.