There seems to be a lot of hate for the cheap far eastern planes going on here, but I actually think that CheshireChappie is bang on the money, if you treat them as a "build your own plane kit" they're Excellent Value!
I have two faithfull planes, my experience has been that they're not consistent and are not a tool for someone who wants it to be perfect just out the, but certainly they aren't junk either.
A № 4 which I've moved the frog forwards in for a extremely fine mouth and ground a back bevel on the iron for smoothing awkward woods, it was actually in good nick straight out the box, and required only the iron squaring up (grind was a little off), and a little gentle adjustment with a file to the bearing edge of the cap-iron/chip breaker to work perfectly. I used it extensively on some awkward purpleheart a while back and got glossy, glass smooth results, so clearly capable of fine work.
I also have a № 60½, which as per the OP had poor machining making it hard to get the blade set equally across the whole mouth of the plane, grinding a slant to the iron essentially fixed this to the point that it works just fine, but seems shoddy somehow; I keep meaning to get round to re-machining it, but I acquired a little coffin shaped wooden block-plane from another user here, and then a second one of similar construction with a low angled bed in an ebay joblot, so between the two of them I have almost no need* for the 60½ so it will likely sit there until I'm finally gifted a
round-tuit.
Both were vastly cheaper than buying an even half-decent second hand plane, and even if I valued my free-time at the rate my employer charges out for it, the time invested in making them work well would still work out far cheaper than buying a premium brand...
* I use wooden planes normally, and much prefer them.