This is a long term review - and I will start by saying I hope Yamaha keep this model in production for a long time, because it really is that good.
Flawless finish, very comfortable to play.
The Neck has an almost subtle V-shape to it - it's great for open chords and scales, although barred chords on the higher frets takes a little getting used to.
The Action was also high from the factory, but I eventually set it up properly, replaced the nut, bridge, tuners and string pegs. Now it plays and sounds like a dream.
I've had more than a few people remark on how good it sounds. Sparkly and warm, great for strumming and picking, and whatever else your heart desires :)
PROS:
-Superb, well rounded tone
-Flawless finish and fretwork
-Comfortable satin finish neck
-Excellent price performance
CONS:
-Plastic nut and bridge
-Tuners broke after about 18 months
-Very high action out of the box
Seriously, once I got this thing setup and upgraded the hardware, it can easily compete with guitars 3x the price.
I've never even considered buying another acoustic, it's the only one I use now :)