I've had two Epiphone 12 stringers for 39 & 37 respectively. Identical models, but - unsurprisingly - not identical sounding. Both have had their neck blocks reglued in the recent years, both have a fine action and a good sound, not disgraced in the company of my Martin or Guild 12 stringers.

But, you know, the Epiphone's weren't all that cheap new. My first one cost me three weeks pay as a journalist.

The Martin has a sound that stands out above anything else; you won't have somebody with a Taylor drowning it out in a pub singaround, I can promise you. The Guild (commonly referred to as a modern cheapo) has a build quality that totally belies its price, and a sound that - although a bit boomy - is great.

12 stringers - I love 'em.