I've got a friend at work that has one - and for $200 it really is a pretty good deal to get into an r/c boat. There are a few improvements it will need right out of the box but it's a reasonable boat at a good price.

You'll want to note that the R/C radios have recently seen a huge improvement. The new 2.4Ghz radios auto search their frequency with the receiver so you can have 80 or so boats (airplanes, cars, whatever) in the vicinity with no channel conflict. With the older FM style, you are limited to fixed frequencies and if you happen to have a conflict, one of you has to change out crystals on the receiver and the transmitter to change frequencies. With AM style, there are only 4 channels period.

The new radios rock...you can go to any location with any fleet and not have to worry about conflicts...in only two years, nearly the entire RC community has switched to 2.4Ghz.