I picked up a new Gretsch 5422 (see pic) yesterday. Made in Korea.
HOLY COW. This instrument is every bit as good as my Japan-made G6120 Hot Rod. A quick adjustment and the action is lower than anything else I've ever owned. Fretwork is perfect, finish is perfect, and it sounds great (a little less twang than the Hot Rod but the pickups are designed to be that way).
I hereby proclaim Korea the New Japan ... and Japan just an overpriced Korea.