I'm not saying that there are no advantages for buying Gibson (and so there should be for that money), I just don't feel that something that costs less than a grand should be classified as a "cheapo" guitar.
It's not that they're not as good as Gibsons, no-one really expects them to be, it's that they're not generally as good as Washburn, Ibanez, Dean, Cort, Agile or any of the numerous other brands at that price point. A good Epiphone is a decent enough guitar, but QC is almost non-existent, so you end up with sloppy finishing, dodgy frets, poorly cut nuts, sharp saddles, seriously iffy electrics........ and that's just on mine!!!!!!!
Epiphones are relatively expensive for what they are, yet they tend to just feel cheap. A £350 Dean or Ibanez is a serviceable, gig worthy guitar, and a solid platform for upgrading to something really tasty, whereas you'd be lucky to find an Epiphone where that was the case (they do exist, they're just few and far between).
To be fair, in the past year or so Epiphone do seem to have been getting their act together a bit more with regards to spec, just have to see what happens with QC.