The modern ones are built in Korea, and they don't suck...
I've had one for a while now, and it's a great guitar, very similar to the late 70's IC200 with mahogany body, maple set neck with volute, and cr@ppy standard pickups (AH1 & AH2). ;)
Finish is really good, as are the inlays, and it hangs nicely on a strap (unlike the 90's basswood bodied IC200). I had a VHII in the neck for a while, and it really sounded good, but I've just swapped the Crawlers I had in my other Iceman into it and it roars! ;)