I own only cheap guitars, nothing awesome. Although, they work fine for me. I have a Kona 12-string which gets a 10 for action and at least an 8 for tone, but not so great on stamina, as it has a thin top and tends to belly up, ruining the pitches.
Then I have an Esteban Midnight Steel American Legacy 6-string, which rates in a similar fashion to the 12-string. Has a great touch for me and the tone is pretty nice for a cheap guitar.
Finally, the bottom of the heap--I have a "travel" guitar--a really, really cheap Jay Jr. Again, the touch is easy, but the tone is, well, compare a Harley Street 750 to a Honda 120 (or is it a 125?). Anyway, you know, big throaty V-R-O-O-M compared to a tinny ring-ding-ding-ding-ding. Sorta like that.