Hmmmm.... I just picked up a Yamaha PAC112J (I think) with my guitar student. Cost abt $400. Great stuff, great quality. The fretwork was excellent save for a TINY spot of glue on one end, nothing you can't chip off, otherwise, polished, smooth and even frets. Set it up for flying fingers, low low low action with straight neck (best as my eye can see it) and it was burning. I liked what I heard with the stock pups. Its alder so its clearer, brighter than mahogany (usually), perhaps lacking that "richness" of maho but no muddy low end.