New '70s (2010) Strats are going for $749 new at MF.
It's most likely going to have the smaller vintage frets and a 7.25" neck radius.
What I would look out for (and I am far from an expert) would be fret condidtion and stress cracking in the wood at the body / neck joint. The three bolt joint with microtilt is not much of an issue to me, as its been solid on the newer 70s models that I've played, but if the previous owner overtightened the joint, removed the neck a bajillion times (that's a technical term), or tried to bend the neck for a vibrato effect too many times, it can loosen the joint and cause tuning stability issues. That I've seen a time or two.
$399 for an 8 year old guitar does seem a tad high, considering that the model has gone through a few price increases over the years.
Here's what I don't know:
Wood: Could be alder, poplar or ash. All three make a good guitar wood, and all three can sound like crap. It just depends on the guitar itself and how it plays / sounds. MF says that the new models have ash bodies, but I don't know if that is a post '05 improvement, or common to the model from the beginning. Number of pieces used is unknown as well (there used to be a great site for this info called allthingsstrat.com, but it's gone now).
I don't know if Fender was using the "swimming pool route" back then, or if the body was routed for single coils only, or if it had the current MIM HSH routing. My SWAG is that it's routed for three single coils.
The seller provided quite a few pics that show that the guitar appears to be in decent shape. However, the only way I'd buy from ebay is if the offer is obscenely cheap and I can absorb the loss or part out the guitar if it's a lemon, or if the seller has a really good return policy in case an undisclosed issue pops up.
All that said, I really like the 70s strat. I like the neck shape, and the shallower contouring on the body adds to heft, making it feel like a solid guitar. I also dig the bigger headstock. Stock pups sounded great to my ears.
I can also say that when I was looking to buy my '06 Standard, I played a number of 05s and found the build quality to be as good as my '06 (My wife bought the guitar when there were quite a few 05s around). The deciding factor for me was that the medium jumbo frets were more to my liking. I tend to be hard on frets, and needed the extra "meat" there for recrowns, leveling and fret dressing.