Yeah, agreed, it can be highly variable as to what you get into.
If you're satisfied to ride it the way it is, rather than upgrade anything; if you do your own tuning, etc.; and if everything works on it now, then you're in good shape.
Slap a couple of high-quality tires and tubes and some brake pads on it, and you've got a $170 bike instead of a $20 bike, though.
(Is it the right size, by the way?)