As far as I'm concerned there's nothing "wrong" with FRN, if G-10, CF, Ti, micarta, wood inlays or SS weren't available I'd go for FRN every time <img src="smile.gif" width=15 height=15 align=middle border=0>
The only real problem I have with it is that it feels too light in the hand to me, and to my mind slightly unbalances the knife. This is probably why it feels "cheep" to me, too light for it's size.
It's a very competent material, it's just in my mind the alternatives are better, in some case much better.
Walk softly, carry a big stick.