I liked mine. It lacked the refined polish of the Randall, but at 1/2 the price and none of the waiting, it's a nice buy.
Mine served me well during my trip to the Domincan Republic and now resides on the belt of a ranch hand who guided us on a mountain trail ride. It was equally comfortable in the Tropical Forest as well as the not-so-nice streets. The micarta handle is a little slippery, but no more or less than other non-textured micarta. The stainless steel is nice to have and holds a nice edge. The leather sheath is not as nice as the Randalls, but a few coats of "Butcher's Amber Paste Wax" sealed it well for the tropical climate.
The bottom line is... If it didn't have a name, would it still be a nice knife. My answer is "Yes". The Aus8 is a competent steel, the handle well fitted and balanced. Cold Steel serves as the Bladeforums whipping boy on occasion, but in this case, the knife itself merits consideration. Also, having seen a few BlackJack creations, I think that workmanship of the Japanese R1 surpasses the Effingham stuff by leagues.
On a seperate off-topic note for those who like sterile stuff, the etching is easily removed with fine sandpaper and abrasive polish. Sterilizing takes an hour or two and a little elbow grease and you can get it to where it is impossible to notice that the markings were removed. It can still be identified as a Cold Steel due to the color of the spacers between the handle and the handguard, but it would then be otherwise unidentifiable.