I'm a somewhat decent high school tenor player. The school tenor sax I used to play on sucked majorly, as did the mouthpiece, so I jumped at the chance when one of my friends told me his dad was selling a tenor sax. I bought this sax--a post-Selmer Buescher 400--for $500 and have been very happy with it. Despite the fact that many of the pads are hard as rock and I had to duct tape some metal doo-hickey to the neck after the soldering broke off, the horn sounds pretty good and the intonation is superb.
I am not a very discriminating player, so maybe the tone quality is crap and I just don't know it. I will say with certainty, however, that after playing on it for a while, I've gotten great intonation on this horn. This is especially handy since I am practically tone-deaf. Every note is either dead-on in tune or extremely close to it, and that's without any special effort on my part and the horn in somewhat bad disrepair (it's been half a year and I still haven't taken it to a tech). I can't do any altissimo so I can't speak for the intonation in that range, but I will say that the fingerable notes are wonderful.
If there's any problem with the horn, it's the left hand pinky spatula. I can't really explain it, but the thing is really weird and my left pinky begins to hurt if I ever use it extensively (which, fortunately, I don't ever really have to unless I'm just messing around). The important thing, though, is that while the low three notes can get aggravating, the G# is perfectly fine. Aside from that little trifle, unless you somehow get a complete dud, one of these horns should please you greatly even if it isn't in tip-top shape. Maybe they're not all like this, but my Buescher 400 was definitely built extremely well.