the FSRxc is Specialized's entry-level, full-suspension, cross-country bike. 2007 prices begin at around $1200, and I believe they reach $1900.
Is the FSRxc good? That depends. In general, I have a good opinion as to the quality of the bike relative to the price. Lots of people seem happy with them. I personally did not like the geometry -- it put my weight too far forward for my own comfort. Probably one could describe the bike as a "good climber", but I am much more worried about having a "good descender", and thus I favor bikes with slacker geometry that put my weight a bit further back.
Which Giant are you comparing too? Giant makes several full-suspension models, and they even have one (the Pistol, I think, in 2007) that costs less than the FSRxc.
If you are comparing to, say, the Giant Trance, then Specialized's Stumpjumper is probably a closer match. If you are comparing to a Giant Reign, then that is a completely different type of bike, and you should not even be looking at the FSRxc as an alternative to it.
I just bought mine about 3 months ago and I am happy with it. I wouldn't say it was cheap, but maybe compared to another brand with similar components it was cheaper. For the price range I am happy with it. I ride it as hard as I can and so far no complaints except for the tires. I wasn't too crazy about the riding position until I replaced the stem. Now it fits much better. I would say 07 was a great model year, 08 looks just as good.