I'm sure it depends on the model. I have heard bad thing about little cheap Chiappas and their weird 9mm semis... but the case-hardened 1892's I've seen are good -- especially for the money.
I have a case-hardened full-stock Mares-Leg 12" 1892 -- and I love it. I think the overall quality is excellent. Having said that, I did have to do a little bit to make it perfect -- which I will explain.
Things I didn't like:
The loading gate (inside and out) was razor sharp -- which made loading it a bad experience. I disassembled the entire receiver and bolt and de-burred all the sharp edges and I took some tension off the loading gate spring. It is slick and beautiful now.
The extractor claw was too long. It would scratch the case rims. No big deal if you don't reload -- although it did make the end of the lever stroke a bit hard as the claw went up and over the case rim. I removed the extractor and shortened and polished the claw. It was easy (I have a post here).
Half of receiver screw slots were damaged from the factory. This is almost unforgivable. I peened the damage, re-polished and heat blue most of the screws.
When I had the thing apart, I was very impressed by the quality of the machining, fit and the steel (save for the screws -- they are fine, but they are just normal soft screws, so mind the torque). The bolt, lugs, trigger and hammer assembly are all proper hardened steel. I found no inferior steel within it -- and I was looking. (I'm a home-shop machinist, so I have some idea of steel quality). I had heard things about soft steel in "Italian" guns... Not this one.
Even with these issues, I would buy another. I do plan on buying a 16" barrel version.
My 12"er is surprisingly accurate... This is from 25 yards -- on a not-so-great bag with Blazer aluminum.
Also, my stock trigger is truly excellent. Crisp and literally NO creep.
... Not to mention the fact that no non-Italian maker builds anything like it.
