[UPDATE: I've now flown this a bit. A few tips, which I learned the hard way:
1) Don't connect the green wire (gain) to your Rx. That disables all the onboard buttons and the little pot. Better to set these manually when you've first starting. Later, once you've got it flying well, this may be something you want to control from Tx, but not at the start.
2) Make sure you check the little addendum (if you've got the old manual, like me) about how to set the ESC curve. Make sure the green wire is unplugged and the gain is at zero, then power on the quad when your Tx throttle is at high, then bring the throttle down.
3) CA glue all the fiddly little plastic retaining rings. They fall off all the time and you'll end up leaving bits of this quad on the field]
Now that we're getting into the quadcopter business, I thought I should get a better feel for the competition. First up, the new Gaui 330X quadcopter that we wrote about here. At $400 it's in the same price range as ArduCopter, but it doesn't come with a full autopilot. It's just an airframe, motors/ESC and a 3-axis gyro unit (no accelerometers, so it's not an IMU). No GPS or any ability to program it--it's just an RC quad, not a UAV.
They say you can upgrade it to GPS navigation someday, but there's no clue how.
It comes very nicely packed in an surprisingly small and stylish box:
That the gyro unit at left and the four ESCs.
Here are all the parts. Lots of bolting bits together.
When you're done, it's supposed to look like this:
If you want to upgrade to a bigger body (plywood and fiberglass), you can: