The quality of Warmoth stuff is excellent.
All their unfinished (or transparent finished) solid bodies are two pieces at most (one piece usually costs a bit extra), the two piece bodies are centre-joined and they match the grain so well you can hardly see the join (Fender take note...!). The neck pockets are tight-fitting, whether you use a Warmoth or Fender neck (again, much more accurately made than Fender stuff). Their paint shop does nice finishes too.
The necks are great too, again extremely well made (CNC cut, so very precise). My only complaint would be that the fingerboard and headstock edges are left a bit "sharp", I like them rounded off so I personally wouldn't buy a finished maple-board neck.
They do sell hardware too, although I buy mine from other places, and they'll also cut scratchplates to your specs (not too expensive either).
As Alex said, they don't sell assembled guitars, that's up to you, but most of the tricky stuff is done (including your choice of bridge and pickup routing, and they even drill the holes for the neck screws). You could put everything together "out of the box" and have a very decent guitar, but I think they need a little more work to make them perfect - a fret dress, the aforementioned fretboard edges, and obviously a good setup.
