Well, I finally got mine. Overall I'm happy with it.
The forearms are definitely floppy. The right arm seems a bit looser than the left-- in fighter mode it'll pop loose unless you really push it in and make sure it clicks. Other than that it stays together pretty tightly in fighter mode.
I don't seem to have the arched back problem that people keep talking about, but the nose does seem to point up a little. I think it's the way they sculped the nose more than anything else, it has a pretty big upward sweep on the underside. I always remember the Alphas having pretty snub noses, but their take on it seems to have a pretty long schnozz.
My landing gear do successfully keep the fighter off the ground, but those rear landing gear are just silly. There's hardly a tire on them. One of them I had to push pretty hard to get it to lock forwards, but with both gear locked all the way forwards I'm not balancing on the plane's belly.
The legs on my Alpha actually line up pretty evenly. The arms, however, are pointing together slightly towars the rear when slotted into the legs.
Guardian mode looks fine, big pointy toes and all. I don't really mind the size of the feet.
Battloid mode has some floppiness in the legs, about on par with my 1/60 Yammies. Not as poseable, though. The way they've done the hip joints is a little odd. Also, that thruster in the crotch is all kinds of floppy. The wing tabs also don't keep the nose cone in place.
I haven't noticed any problems with the paint, nothing's be painted shut or smudged that I can see. One odd problem is that on the left arm, the hinge piece that attaches the missile door to the shoulder has been placed in upside-down, so I have a little dent where then hinge is. A little annoying to say the least.
All in all I'm happy with it, it's a cute little plane with legs. Is it worth $80? I'd say probably not, especially in light of all the issues people are having with them. This hit or miss approach to QC is pretty poor on Toynami's part.
For reference, mine is #1608.
Edit: I found one smudge of light blue paint by the left intake on mine.