Wow. I'm pretty floored by this guitar. I received an instrument that comes within shooting distance of my Squier J Mascis in terms of tone and playability.
I'm a Jazzmaster-style guitar enthusiast, and this is my third J-style guitar purchase. I've got a Fender Player Series and the J Mascis, and this baby measures up pretty well against both. (To be honest, though, the J Mascis easily takes the cake among the three. If you're considering one, I say nab it!)
Having no trem makes it feel a little bit like a JM imposter, but for 200 I can look the other way on that. There are excellent after-market drop-in trems available that would render that issue moot, and it would still come in at a lower price tag than the Squier Classic Vibe vintage-style JM.
So glad they went with a tune-o-matic style bridge on this guitar, as I've really found the vintage JM-style bridges to be a bother. Also, the pickups are pretty darn good for budget-brand factory drop ins. The neck is super smooth and the laurel fretboard, while not quite as nice as the laurel on my J Mascis, is serviceable. Frets are clean and smooth (no sharp edges) and every note rings out.
The look of this guitar is pretty spectacular for the price-point. Neck binding, perloid block inlays (love em or hate em; I love em), roasted maple neck and seemingly decent vintage style tuners... not standard features on most budget guitars.
QC seems to have done its job on my instrument. Only gripes are a tiiiiiiny finish chip on the edge of the neck pocket, a slight chip on the edge of the nut, and a little fret glue on one of the frets. All of these are easy to address and/or ignore, so QC gets a solid 9/10.
Upgrades I might consider making are: locking tuners, full-size potentiometers (this guitar has dinky little pots) and a drop-in trem. Otherwise, it's pretty dang good.