I think they're not that bad. Not great mind you, but for a significant number of people the very thin blade and serrations make them acceptably sharp. And by the time they have gotten dull, you've either broken them, or lost them.
I bought a $20 set of wide serrated steak knives very similar to the "eversharp" kinds several years ago. They were slightly heavier blade and really very sharp, a very good purchase, unfortunately I gave 'em away.
DaveH