Some of the components, including the frame, from what I've seen so far, are surprisingly good, some are, errm, OK-ish. I checked it over before attempting to go for the maiden ride (and to be honest I'd do the same with any new bike, wherever it came from), and found a few faults: overtight wheel bearing, slightly overtight b/bracket (good old cups 'n' cones!), front wheel a bit out of round (but no loose spokes and true-able when I can be bothered).
The rest seemed fine. Didn't even need to adjust the gears, which could mean that downtube shifters aren't so dumb!
A 15m shakedown ride proved that it works fine as a bicycle, and I haven't needed to do anything since apart from pedal it.
It does have a few odd features - tiny front chainwheels that seem to have come off a mountain bike, steel handlebars, and inner tubes with Schrader valves.
So far, so good, then, although maybe 125m doesn't prove much. As I have ten other bikes, it won't be clocking huge distances, but I'll keep you posted on developments.