So I have about $500 to spend and I'm in need of a good acoustic guitar, I've been really looking into this guitar because it is a little smaller than the dreadnoughts and still has a good tone. Is this guitar worth buying?
Look at Blueridge. They really make some of the best martin clones out there.
Most people are going to tell you to stay away from it. The sides aren't made out of real wood. It's really just a goopy mixture that they put under extreme pressure (hence the HPL for High pressure laminate). But if you absolutely love it go for it. But i would suggest playing every guitar you can get your hands on before you make a final decision. (Epiphone Masterbuilt series, Takamines, Seagulls, etc.)
While I actually like the X guitars I don't think a blem OOX is worth $500. I got a new, US made DX1 with a small dent in it for $360.