I continue to be amazed at how decent an acoustic guitar you can get for less than 200 bucks these days.
It was a Wednesday morning guitar - everything just came together perfectly. It will NOT hold tune because the laminate is very susceptible to changes in temp and humidity, but it sounds great - you just have to let it equilibrate for an hour before you try to play it, if you bring it into a warm room or carry it in a hot car.
Those $199 specials at Musician's Friend or Guitar Center DO sound remarkably well for something so cheap. Action's always too high though.