I've owned several inexpensive guitars that have sounded great. They are hit and miss though. Some were completely horrible, some were ok and some really surprised me how great they played and sounded.
Years ago i picked up one of these OLP Axis guitar from GC for a hundred and something or another because of a ding in it. That was a great guitar! I eventually got a MM Axis and sold the OLP to someone learning how to play.