I have two Shenandoahs which are almost like the Villager in the photo but with a slightly wider body. I have one now, the other is being tweaked by a luthier buddy of mine. The one that I have had some body binding separation going on and has lots of checking and is strung up as a 6-string. That same luthier buddy, after setting it up, said that he thought it sounded better than any acoustic guitar that they had in the shop (mostly Takamines, but some fairly high-end models). He also said that he might want to borrow it for a studio session sometime.
I like it too.
I just bought a Redondo a few weeks back and it'll reside at a friend's place until I get to the US to pick it up. I think that they can be described as decent, a good ways away from a real "serious" acoustic but with old wood they can sound nice too. And as you pointed out, they sell for peanuts. I like the electric-feel necks too.
Lots of 12-strings are being bought and robbed of their F-tuners (which often can sell for more than the whole guitar when parted out). The Shenandoah I have at home had this happen to it. I just had Gotoh Klusons installed and never looked back...
My Redondo:
"You eventually learn that true priorities are like arms; if you think you have more than a couple, you're either lying or crazy."
