There's good and bad from any company- but you're going to think the "bad" is great until you get a "good" quality guitar from xyz company. a $600 ibanez hollowbody is probably great- until you compare it to something like an old GB-12, which would blow the china guitar out of the water.
USA certainly isn't end-all be-all either; in terms of real applicable examples, I for one thought the $999 US-made San Dimas Charvels from a couple years ago were absolute garbage. Sorely disappointed in the sub-par build quality and mediocre playability. It was a bad joke. BUT, I'd take an old USA or custom shop Charvel over an ibanez any day of the week. But i'd take an ibanez over one of the garbage USA Charvels, heh.
I used to play ibanez, (2 RG770DX's, RG565, RG550, J.craft RGT220) and I've played the newer cheap Ibanez models, and after owning late 80's early 90's ibanez RG's with *real* wizard necks and original edge trems, I wouldn't even think about buying a cheapo ibanez. My neckthrough RGT didn't even have the same mojo as the old RG's, and that was a $$$ guitar. no comparison. I'd take an RG, jem, or USA custom Ibanez up to '92 over ANY J.craft or prestige guitar from the last 10-15 years. The lo-pro trem they used forever was a POS, the newer Z-trem is cool, if not overly complicated and sustain-robbing (IMHO). the RG770DX reissue from a couple years ago looked great but didn't have a real wizard neck and didn't feel a thing like the original. Made in Japan, not made like they used to be made = not as good = bad. While the recent J.craft stuff is good, it's not that good, and I certainly wouldn't pay $3,000 for one. I wouldn't pay $50 for most of the crap they've made since '92.
The best guitars coming out of Japan these days say "ESP" on the headstock- or "caparison". I have a couple C/S ESP's that you'd have to pry from my cold dead fingers- and I got a chance to play a couple of Mattias Eklundh's Applehorn guitars a couple years ago- while I didn't care much for the neck shape, the build quality was stunning. (And his guitars had true-temperment frets, which is the most unholy awesome thing my ears have experienced)
I've played some seriously abysmal gibson guitars in the sub $1000 dollar range too with jagged frets and what's obviously cheap wood and cheap finishes- Wouldn't buy one of those to save my life- but they were made in the USA, by god! Doesn't mean the quality is there.
Same thing with the newer Marshall amps- I've not been impressed at all with the vietnamese or chinese or wherever they're making those now- they sound like crap! All I can think when I plug into one is "where is the tone my '74 super lead had? or my jcm800?" it's not there. And you wouldn't hear the difference unless you've experienced it (with the channels jumped and everything on 11

)
There's certainly something to be said for 'a good price'- but there's a reason people pay up for old marshalls, old gibsons, old silver-faces, San Dimas era Charvels/Jacksons, golden-age Ibanez guitars, etc. You won't know the difference until you hear it, and you'll be left speechless.