I too have played the Felix the Cat guitar! A friend and fellow member of the local folk-song society purchased one recently and allowed me to give it a go. It is exactly as Suffet and PoppaGator described: for a small, all-synthetic instrument, it has a surprisingly nice tone.

Incidentally, PoppaGator, I'm glad that you were able to see the Martin Guitar factory in Nazareth, PA while you were up in my neck of the woods. I live about an hour south of there, took the tour about a decade ago, and really ought to do so again since it's so close. Hope you got a chance to venture up to the Mandolin Brothers store in New York!