Visually flawless (no cracks, gaps, runs or other nasties, NONE!) except the fretboard was very dry but a bit of oil fixed that up. The action was extremely high, even the nut seemed too high. The nut popped off without drama and I sanded the flat bottom but then I took off *too* much and had to shim it. The bridge end was a simple adjustment of the two screws holding up the TuneOMatic style bridge. Oh, yeah, I loosened the truss rod about 1/3 revolution. Now it's about as low (and quick) as you could reasonably expect, although on the low E string it buzzes on the two highest frets. I may run a whetstone over them a time or two next time I change the strings. All other frets are buzz-free and don't fret out on big bends either. The 2nd fret failed the rocker test (using an old credit card) but a couple taps with the plastic handle of a large screwdriver fixed that, too.
As far as playing it, it's quite different from the HSS Strat copy I was playing before, but I'm getting used to it (4 days now). I wasn't impressed so much by playing individual notes, but the first time I played a cowboy style G chord I had to sit back a bit. I've never had a guitar that sounded this rich. One last thing, I read in reviews that the tuners and plastic pieces are "meh", but these tuners hold a tune and are geared much lower than any I remember having before, I don't have to hold my tongue just right hoping I don't overshoot the pitch. I also read about casting flash on the plastic pieces, but I see no evidence of that or even the seams of a mold.
Actually I wanted an HB SC-450Plus even though the web page said it'd take 2-3 weeks to get in stock, but as I waited that went up to 5-6 weeks and I asked to switch to this HB SC-450 CB which was available immediately. Once I switched, it took 10 days to get here to the East Coast USA in spite of the US Postal Service misrouting it one time.
Would definitely buy again!
EDIT: I've had it about a month now, and I still stand by my comments above. No additional issues have popped up in the meantime. I wouldn't have felt ripped off if I'd paid $500 - $600 for this guitar.