Couldn't ask for a better guitar to learn on.
Let me preface this with a bit of honesty—this guitar doesn't sound as good as an American-made Martin. It does, however, come so much closer than I ever expected.
I'm relatively new to the guitar, but I've played the cello for a long, long time, so I have an ear better than most beginning guitarists have. I started playing on a First Act that's probably worth less than a pack of smokes, and while I hate to bash the instrument that got me playing, going from that to the FG730 was something like trading in an old Pinto for a new M-series BMW. It was like graduating from plastic-bottle-vodka to a good single malt scotch.
It's difficult to describe tone and feel with words, so I'd recommend getting your hands on one, if possible, or at least check some of the better Youtube reviews. I doubt you'll be disappointed. Broken-in, this guitar sounds stellar. I have it strung up with D'Addario phosphor bronze, because I'm too cheap to buy coated strings. She's loud. At $300, I'm confident it can't be beaten. Good on Yamaha for making quality, attainable guitars for the rest of us. It's a great-looking guitar, too. I've gotten more than a few compliments.
One con—the action was a bit high from the factory, but that's the nature of the beast when buying imported guitars. I elected to sand down the saddle and adjust the truss rod myself after a little Google research, and I have to say, it came pretty nicely. I'd considered replacing the saddle with one made of bone, but honestly, after playing the instrument for a few months, I don't feel the need.
So, in short, if you're looking for an inexpensive dreadnought, I can't imagine you'd go wrong with a Yamaha FG730S.
PS: you'll need a case for this one. I have one of those Gator hard-soft bag-cases, and it's a solid fit. I'd recommend it, but that's a topic for another review.