I just picked one up for my vacation house about a month ago and am finally getting around to playing with it. The cover was horrible (I believe the sellers' ad for it read, "I don't know what the previous owner had against the cover..." which could be read two ways, one of them funnier than the other) and I'm thinking about trying to refurbish it.
The inner workings seem to be doing very nicely, though. Someone had put an Audio Technics 530EN cartridge on it, and it seems okay. As sold, it didn't sound great because the cart was almost resting on the freaking vinyl and I didn't notice until it almost scraped one of my records.

Once I adjusted the tone arm and lightened up the tracking force to recommended values the sound was excellent.
I have had some skipping on mint vinyl, which was disturbing, but as I hadn't yet properly adjusted the antiskate (doh!), I'm hoping that will not be repeated.
It's pretty barebones (no power button, no automatic cue like it's cousin the FR-D40, which I have in my main rig), but it's capable. Would recommend.