Okay so this is my only electric guitar I own (so far). This is the guitar that I first got and learnt grades on, over 10 years ago now. My sister won this guitar in a competition and it was also signed by the band "Busted". She gave up and gave it to me to play. Its a great beginner guitar but also sounds pretty good. Someone heard the guitar during sound check and said something like "sounds good, what type of fender strat is that". It has a good feel to it for its price. I managed to somehow snap the wammy bar whilst inside the guitar so replaced it myself. Still going strong!
Had one of these for six or seven years and it's taken me up to an intermediate level, phenomenal for the low price I payed. Don't expect incredible tone, but if you get some decent strings and a decent amp you're golden.
I use mine to record tunes. Not too bad if you are mainly producing alternative stuff and don't mind having to retune fairly regularly. I love the low-grade tone and rough feel of the thing.