i just bought a sg faded and it's built pretty well
i thought they had cheap asian mahogany, like epiphone, but the wood feels and smells exactly like the brazilian mahogany les paul i had, so it is the same species (swietenia macrophylla, known as honduras mahogany)
i didn't play mine yet cause i bought without hardware and i'm still waiting for some parts
i'll probably order a cold sweat set for it, or maybe i'll try the holy diver
i never played the faded flying V, but gothic version was very cheap new too and it was the best guitar i've played in my life
i always wanted to get a faded V to refinish it in white and put a mirror pickguard :D