There is nothing wrong with a japanese or mexican guitar if that is the price range you are in. What is typically lacking in tone can to some extent be made up by replacing pickups and or electronics, to get more volume, more tone, more whatever it is you desire.
However, if you are considering a "serious" guitar that you won't be slinging at your drummer's head (as one person above suggested), you might consider reading through this site, just for another perspective:
http://www.edromanguitars.com
There is no doubt that he is a bigot against import guitars, however having played a custom made, custom taylored guitar my friend purchased from him, I can honestly say that there is definately a humungous feel different in the guitar, as compared to my $300 ibanez that I have. I am not a really good guitar player, what I use a guitar for would actually make most of you sick, but thats another story
But I will comment, from an amatuer's perspective, there is a huge quality difference between the Ibanez $300 special and something like a PRS, or a custom job.
Just food for thought...