Part 2 (too many images):
The first thing I did was remove the strings. They were too light for me (I like 11s) and just didn't feel good.
Lots of the frets had little bits of polishing compound or something clinging to the corners. The fretboard was a little dry, but not too bad. Nothing a little of
this stuff won't cure.
The fretwork was about what I expect from a guitar in this price range. Not terrible, but not great either. The edges weren't finger-cutting sharp, but they weren't real smooth either.
Lowering the action to a reasonable level with the stock strings resulted in buzzing. Again not terrible, but not ideal. After I strung it with 11s the buzzing improved, but it could still definitely benefit from some fretwork.
Here's a shot of the plastic nut with the strings off. The slots are cut a bit sloppily, and need to be enlarged to accommodate 11s, but should work fine with 9s and 10s.
Here you can see that with the 11s, things aren't sitting quite right.
Here's the guitar as it sits now. It won't stay looking like this for long :socool
Restrung with 11s, and putting aside the above issues, the playability is pretty good. The neck is sort of middle of the road thickness wise. I actually prefer fat necks (like 1"), but this one is comfortable. I think a good thing to do with any glossy finish neck is to rub it with some fine steel wool to improve on the "sticky" feeling.
Alright, so how does it sound? To me, this is the best thing about this guitar: it sounds great! As good as any Junior-style (or actual Junior) I've played. It definitely has "that" sound. I plan on replacing the hardware, but I'll happily stick with the pickup.
So, wrapping up. I think for the price that this is a very respectable Junior-style guitar. At minimum I would suggest an immediate string change and basic setup. After that, it is playable as-is. First on my list of optional improvements would be a fret level, crown and polish. Next perhaps a better nut. The tuners are cheap, but they appear to hold tune OK. I'll probably replace them with more Junior-appropriate tuners. The bridge is cheap too, but works, and intonation is fine. Locking studs might a good upgrade.
Anyway, I bought this with plans of modding it to hell.

To my eyes, a Jr. needs to look old -- not necessarily "relic" old, but "vintage". My plans include stripping the finish, modifying the headstock to the Gibson shape, shaping the horn (again to match the Gibson shape), doing a fret job, refinishing with a light Tru-Oil top coat and new hardware (that I'll apply an ageing treatment to).
I'll try to get some sound samples uploaded within the next few days.