Supposedly MIRC restores them to good condition and keeps a record of what was does to each guitar so you know its history.
I've read on forums where people saved a decent amount of money and got a guitar that was just as good of quality as a new one.
Although I just emailed someone selling one of these guitars and asked the history and they said they didn't know it, so I decided not to buy it.
is MIRC selling direct now? Wierd.
Even the dealers they sell to dont know an awful lot about what happened to them, bar a rough one word explanation of its condition. Extreme usually means something like the headstock snapped off, or multiple body gouges into the wood because a floyd post came loose and the floyd scattered across the body taking chunks as it went, or something like that. They do an amazing job fixing it in my experience, usually looking as new as something can get after that (maybe a slight seam where the neck was repaired etc, only aesthetic), but it still has been trashed at one point. Light might mean something akin to pickswirls or light scratches. They had 4 or 5 categorizations as of a few years ago IIRC. The keeps a record thing is new, and a good thing IMO. IMO the prices are a bit high for what they are, but they come with a warrantee from MIRC (no factory warrantee from manufacturer, clearly), so that may be worth it depending on their policies. Hard to say.
I can say they do an awesome job restoring stuff.