Pretty low chance. Sometimes cheap guitars sound and play OK. Usually not. In the case of a mass offer like this, you can be assured that it's cheaply assembled and---what, you call an 800 number to order?--you're not likely to get to try 100 of them to find the half-decent one.

I imagine you can make cheap solid spruce-top guitars for not much more than plywood. Plywood is pricier than utility-grade spruce. They probably have a higher defect rate in manufacturing though.

W-O