I've got an LTD EX-50. Total bottom-of-the-line model, made in China, bought brand shiny new for $259.99 from Sam Ash in Cleveland, OH.
That said, it should be a complete dud. However, it's actually not bad at all. With an upgrade in pickups and tuners, it was solid enough for a couple gigs.
It's a good rule of thumb that, the cheaper the instrument, the more you should try-before-you-buy. I figure, in these Chinese factories, there's at least ONE guy who knows what he's doing, who's teaching the others. And that guy might have time enough to build a couple guitars to show the others how it's done. At least, this is how I suspect my $259.99 LTD was berthed, since, while the tone isn't as good, the playability and fit/finish were well above my USA LP Studio that I paid 3x for used