I got that from a freinds sister for like 75 dollars (had no idea what it was when I bought it and knew nothing about acoustics) a few months ago and just started playing seriously recently. this is the only acoustic I have ever played... does anyone know anything about them? Are they easier or harder to play than a decent acoustic? should I get something a little better or stick with this one?
i have no idea if it's a good guitar or not. i assume probably not great...

if you can afford it and would like to invest in a guitar, then that would be a good idea. otherwise, just keep playing on the peavey.

the minimum amount of money i would suggest spending is $300 for a new guitar without electronics. $400 if you want electronics.
so what makes a bad guitar a "bad guitar"? other than sound... i mean is it going to be harder to play or harder to learn on?? i mean I'm not in a band or gonna do any gigs so wouldnt any guitar be good enough?
mmm... well what makes a guitar "good" are a few things

playability - how easy is it to play? how comfortable? can you play it for long periods of time?

intonation - does it stay in tune? is the guitar perfectly in tune with itself?

sound - it's gotta sound good! that's what an instrument is for

looks - does it look good?

value - how much quality are you getting for what you pay?

umm... i think that's pretty much it for what makes a good guitar.
playability - my finger hurt while typing these keys... although I do have some calice (sp?) i am still a beginner

inonation - yes it does stay in tune for a good while

sound - this is the only one I have ever heard other than videos... sounds good to me

looks - nothing special... average natural finish acoustic, dark back, light top

value - for 75 dollars it was a good deal I guess

only thing is the playability... i guess if my fingers still hurt after playing in a month then I'll go try a few others out to compare the action... im worried that I have to press this one down alot harder than I should

neway thanks for helping a noob, cya around.
I came across the same problem with my first acoustic. I had ok tone and stayed in tune but the action was set way to high, and it hurt like a bitch for like a month and a half to play it. There is a good tutorial at frets.com on how to lower it.