I have a few of their kits that are in the process of being assembled and I've been on their forum for 19 months or so. I suggest looking around on the forum, both at the current build diaries and probably at the Guitar of the Month section as well, where you'll get a good overall picture of what can be achieved.
They aren't something that you'd sell on, certainly not for a profit. They are partly the thrill of the journey, and partly the destination. Some people have made really good guitars from the kits, some have made very average or poor ones. But you can get a very good looking and great playing guitar at the end. To do it well, you'll probably end up spending more than you'd spend on say an Epiphone equivalent, but then you've created it yourself.
The kit hardware is basic low-cost Chinese fare. Adequate tuners and bridges, undistinguished pickups, cheap pots and wire. The bodies and necks are reasonable. They come from three different factories that make complete guitars, and a recent new one that only makes kits, but to a higher standard. The newer Strat and Tele kits have 2 piece bodies, with wood that matches, whereas a lot of the other solid body kits are 3 or 4 piece bodies with generally non-matching grain patterns that are best (IMO) painted a solid colour.
There have been a few ES-5V builds in recent months, and they've all come out pretty well. The basswood ply bodies are well made for what they are, with a fairly pretty outer layer that I still think is probably birch. The bodies are certainly lighter than say a Gibson equivalent - the ES 335-style kit is about half the weight of a real 335.
Surprisingly the factories don't use CNC machines, but rout out from templates (which can lead to the occasional errors with wrongly located holes), and there are a few kits that always need a bit of work on the neck angles (the Ric bass style kits).
They are certainly not just kits that you can stick or bolt together and come out with a good looking, great playing guitar. They all need a decent amount of work on, some you need to correct small errors, and all benefit from a proper fret levelling and reprofiling, so it helps by having a certain number of specialist luthier tools.
The ES-5V is a decent kit, and you don't have to do much as the headstock is pre-shaped (rather than a paddle style), you've only got two pots and an output jack to wire up to the single pickup. I'd probably upgrade the pickup (though cheaper dog-ear P90s are quite rare) and the tuners, the pots and the wire. I'd also swap the plastic nut for a bone one. Pitbull do some very good at-cost Grover tuner upgrades when bought with the kit. Otherwise I've found Northwest Guitars are good for low-cost good quality tuners and other hardware. http://www.northwestguitars.co.uk/
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You'll be hit for around 23% of the price for VAT and duty when the kit arrives, plus the PO handling charge.
I'd suggest a stained body (rather than sprayed) and finished with Tru-Oil. Spraying can work well (I started with spray cans then bought a compressor and mini-spray gun) but you need good warm dry weather and somewhere to work outside the house to get a good finish, whilst staining and rubbing on Tru-Oil coats can be done inside. Tru-Oil was designed for use on gunstocks, and is a linseed oil based product containing a resin which hardens (a bit like shellac), so dries like a varnish (and it's not oily when dry).
Here's my custom ES-1 kit body (customised for an ES-330 style build) a few weeks back. Since then I've been adding more coats of Tru-Oil but have mainly been working on a headstock inlay, which has slowed me down a lot as my attempts haven't worked well. I think I have a working solution, but have run out of suitable inlay material (and Rothco and Frost, another decent luthier supplier, have let all their stock of decent sized inlay materials dwindle to almost nothing at the moment).
It's a great forum at Pitbull, everyone is nice and helpful, and if there is a problem with the kit, Adam, the owner, is very good at getting things replaced if necessary. If you decide to buy a kit, I highly recommend joining the forum and starting a build diary, and just keep asking questions, preferably before rather than after you try something you're not sure about. There are quite a few UK builders at the moment, and quite a few European ones too (plus some US and Canadian kit builders). Apart from a few Aussie terms like 'Metho' instead of 'Meths' and most of the measurements used being in mm and cm than feet and inches, there's nothing else to get used to. I'm around on there most days.