For the price, excellent. Having some trouble with a sluggish second valve, but hoping that will sort itself out with regular cleaning and playing (I purchased a new, high-quality valve oil recently and that is already making a difference). Other than that, good valve response, decent tone, good intonation. I use my Bach 3c mouthpiece on it, rather than the no-name 7c with which it came. That made a big difference to the sound. Slides work very smoothly. It is a beautiful-looking instrument too. The case is quite small, no space for mutes and only one mouthpiece slot. For the price, I can live with that. Altogether happy with my purchase and would seriously consider another Thomann when the time comes to upgrade. If you are, like me, an amateur playing mostly for your own enjoyment, with perhaps the occasional gig or jam session, and you can't justify spending $1000 euros or more on a professional-level horn, you can't go wrong with this.