I think a lot of the cost-cutting manifests itself in attention to detail. Some rough edges and minor setup tweaks required (actually not much on my Vintage VS6 SG, BTW), but nothing that couldn't be sorted really easily. It's not like we're talking "the best guitar I've ever played" or anything, but you'll get a "pretty good" guitar for budget prices that you can upgrade if you find the right one.
From now on if I was looking to buy a new axe, I'd consider an Agile or MIJ Tokai first before anything else...
It definitely depends on the guitar though. I tried out one of the Ibanez OMR-1 models (they're dirt cheap) and it was just awful. Definitely felt, looked and played like a budget guitar.