They had these at the last NAMM Show, in a booth with Mu FX. I sat down and played them for a bit, talked to Fred, etc,
My take was that these were kind of like getting an Indonesian or Chinese Les Paul made by Epiphone. The look kind of right from across the room, and they are close enough to fill a jones on a certain level if you can't spring for a handmade replica. Let's face it, most can't. Even the Phigas are $4k and up, all in. And most of us lucky enough to be working steadily in a tribute situation are still not bringing in enough bank to justify financially the absurd amount of money we throw at chasing the tone. This is an expensive labor of love, and my group works probably 35-40 shows a year, most of which pay pretty well
I found the Phreds to be heavy. I wasn't impressed with the neck scarf headstock construction. I was surprised at the tone being good for what they are, and they were playable and functional. The thickness of the Bolt is well more than a neck-through, making it kind of heavy. The white striped around it, intended to simulate a layer of wood, I guess, is painted. The Wolf proportions seemed off a bit, and the body was thick on it too, compared to what a neck-through would be. The finish work was OK. Fred gets them setup up stateside and they go out to customers, so I've heard, in good repair and playable.
If you only have that kind of money to spend or it's all you want to lay out, and you're OK with the realities of an "Epi" vs a Gibson Les Paul, then you're going to probably be happy with them. It's like somebody going to a Star Trek Convention in a handmade "hero uniform" replica with high-end props of their communicator which works as a cell phone vis Bluetooth, vs wearing an off the rack Star Trek uniform from a Halloween shop and a toy communicator that just makes the sounds.
The world is full of import knock of "official" Gibsons under the Epi name, or Squires under the Fender name. There is a demand.
And as always, your mileage may vary.