EDIT: After I have set this guitar up (which involved mostly lowering the nut height, lowering the action overall and polishing the fret surfaces and ends) this guitar won me over. It just became mine. I put Eric Clapton strings on it which are slightly warmer and less bright and this guitar sings! I’m adding not one but two stars making it a perfect five!
Original review:
I've read a lot about how this guitar is a great value and a surprisingly good instrument at this price so maybe my expectations were too high, but I'm somewhat disappointed.
First of all, the guitar arrived poorly set up. The action was extremely high due to, both, a very high nut and very high saddle. While updating the saddle I realize the original one was too thin: it fell out of the slot right away when I removed the strings. This caused it to lean forward in the slot, which affects the sound. It also affects intonation as it shortens the scale just a few micrometers (intonation was pretty good out of the box though but not perfect). After the saddle upgrade the intonation is perfect. I don't understand how it is possible that Yamaha does not care to install a saddle of a correct thickness, it does not cost more to simply install a matching saddle. The nut had a poorly cut slots, there was a lot of strings binding. The fret ends are quite sharp and not properly finished. The middle of the frets are very poorly polished: if you try to bend a note you will feel grinding. Very sloppy! I have no idea what Yamaha is bragging about when they say that the fretboard has "rolled edges" - no such thing.
When changing the strings I inserted a small webcam into the sound hole to inspect the interior of the guitar. The bridge plate has lots of splinting and rough edges around the string holes, it's as if a 4-year-old drilled those wholes with a dull drill bit from a toy set (sad thing is that maybe it was ?). Lots of glue squeeze everywhere, bracing not being of correct length - don't look inside if you want to love this guitar!
After the upgrades and a basic common sense setup the guitar is very easy to play. Not the most inspiring guitar to play as it does not have what one would call a character, but very playable. The sound is quite decent actually but lacking in bass response for sure. Also, in my sample, the low E string sounds thudy, as if made of rubber. I tried several strings and now have a good quality bone nut and saddle - unfortunately it has more to do with the resonance of the guitar and/or the neck's ability to transfer vibrations. It just sounds thudy with no sustain on anything other that open string. It is not a very nuanced guitar, does not respond to dynamics in playing well.
However, somehow, I still like it. It is a very honest guitar. Very sincere. Does not pretend to be anything else that it is - an entry level guitar. It is not flashy, pretentious, fake. I still think that at $200 it is a great buy. Great as an everyday instrument that will not make me too precious about it, instead I will just play it without too much reverence towards it.