The ugly streaking on Basswood is very common, so that's why people always use a hard solid colour finish.
Regarding the quality, I find that it's like trying to find a pen that works out of a stack of pens you have lying around. Half the time they never work.
With the lower quality Basswood guitars by Ibanez, like the RG series, it's very hard to know what you're going to get. I guess that's why Basswood has developed a bad name over the years. Some people get an Ibanezand love it, whilst others get one and find it tonally dead, so I always say that you should try the guitar before you buy it when dealing with basswood.
Saying that mind, the higher priced Ibanez guitars (or higher priced guitars from other manufacturers) tend to use American Basswood, which is more consistent and better quality. You still get the odd dull one, but I guess that's Basswood. It's as unpredictable as the weather.
For me personally, I love the Basswood/Maple Top combo ever since I got my Ibanez RG870.