I have both a 5120 and a 5122. They are excellent guitars for the price, good quality and excellent feel and playability. The only nitpick I've ever heard from anyone who has one is that the stock humbuckers aren't very "Gretschy"; in that they don't have quite the bite and twang of higher end Gretsch pickups. Hasn't stopped anyone from loving them, and I'm aware of a number of guys who play them on stage.
Please note that my black 5120 was the first really decent guitar that I bought, and it holds a warm place in my heart. I give this guitar the sole credit for turning me into a guitar nut and Gretschophile.