I've got a Alvarez AD70S acoustic. (no pickup, though) I bought it used (perfect condition) for 285 €, (new 345 €) and I preferred it over all the other guitars in it's price-range. The guitars that I thought was as good as this cost over 600 €. (I even preferred it over some 1000 € guitars!

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It sounds great, but it's a bit hard to play. It came with 11's, but I put on 10's yesterday to try out the playability. It's much easier to play now, but it doesn't sound as good. I'll have to wait and see which strings I prefer.
I have good confidence for Alvarez, their guitars are well built, and thay sound very good for their price. Find a dealer near you that sells Alvarez, and chech 'em out!