My problems with Entrek knives are the sheaths (VERY thin kydex, just plan on replacing) and often the handles are too small for my large hands. That second one, however, is not an issue with the Merc as it has one of the meatier handles of all the models. The forward slant on the guard is also very nice as it still fulfills its duties of keeping your hand off the blade while actually giving your thumb somewhere to go if you like a saber grip.
As to build quality, and fit/finish, they're very good. They're definitely subdued but the finish level is consistent around the whole knife, the grind lines are very even on all the examples I've seen/owned, and no sharp edges or corners in the handle or gaps between the scales and tangs.
Edge geometries tend to run on the thicker side (they are marketed as "tactical" knives, after all) but the bevels are nearly always consistent and even, and they come very sharp. Now, thicker edges never cut as well as thinner edges, but then they also always hold their edge longer than thinner edges. With properly heat treated 440C--which Ray's knives are--edge retention as far as abrasive cutting (cardboard/leather/rope) will be slightly superior to 1095, about on par with A2 at the same hardness/geometry. If you want comparison to stainless steels, it's nipping at the heels of 154CM and ATS-34 and a bit further behind S30V and D2.
As to edge retention in regards to chipping/blunting, it's not quite as tough as 1095 at the same hardness/geometry, but again Ray's geometries run towards the robust side of things so unless you're just being goofy I don't think you'll see much of that kind of edge damage in the course of using it.
Rusting---well, bead blasting is one of the absolute best ways to ensure that steel rusts as it gives a bunch of places for moisture to accumulate and makes it hard to wipe a knife completely clean/dry. This is bead blasted "stainless" steel, so it does a little better, but don't leave it sitting in saltwater, and clean it off promptly if it comes in contact with blood, and you shouldn't see any pitting. If surface rust develops, flitz or a polish-impregnated wool like
Nevr Dull will remove it easily.
Word to the wise---many years ago Buck was finally pushed far enough to drop 440C in favor of other alloys as many of its customers were having a hard time sharpening it, and if you're using a traditional stone and oil, you'll have the same experience as 440C has relatively low machineability. The difference is, these days there are excellent diamond and ceramic sharpeners available to you which will chew through this steel with ease, so use the right tools and you'll do well.
Greatest knives in the world? No. Damned fine knives for the money? Oh yes. Hope that helps.