First off, let's just state what it is:
US Made
Bolt on neck with micro tilt adjustment
2 HB pickups with coil tap
Peavey adjustable bridge
3 Piece Ash Body (Naturals and Bursts...Alder body on painted)
Peavey USA Made Tuners
Metal Nut
Okay, back in 1978, they sold for $350 with Hardshell case. Hartley felt there was a hole in the mid-range guitar market where Fenders and Gibsons started at $600 to $700.
Adjusting for inflation, $350 is equivalent to $1,150 in 2006.
This is a rock solid guitar with great tones. A lot of people say they're heavy, but I have a 1978 slab-type body (ash) and it weighs just shy of 9 lbs...less than most LP's.
Yet, you can routinely get one of these for $300 to $400 (I have seen some of these go for as much as $800, but they were virtually unplayed and still had the plastic film on the pickguard). That means that, in 30 years, this guitar has not gone up in value from its original purchase price.
There will be a few naysayers who say they're ugly, the neck's too thin (a legitimate complaint if you like thick necks), or they don't like the sound (I find this difficult to comprehend...but everyone's entitled to their opinion), but the majority of the people who play one fall in love.
So, is this the best bang for the buck guitar on the market today?
Here's a crappy picture of mine: