Hit or miss. Some of my Spydercos have come very, very sharp from the factory. What I hate about factory edges, though, is that they are ground with belts and then buffed the hell out with white compound. This leaves a scary sharp edge, but when you really inspect it, it looks like a melted, badly blended coarse grind... which is what it is. A bevel slapped on with coarse belts and then finished to an apex with buffing compound, with deep gouges that have been partially buffed out, not progressively eliminated with a proper grit progression. That can make for a very, very sharp edge, granted. The problem is that the steel isn't revealed the way a good grit progression does, the bevel is uneven from heel to tip, and I seriously question the amount of heat such a process puts on that apex.
In conclusion: for any knife I use myself, I put my own edge on. The exception is very cheap beaters and box cutters I use to do dirty work like opening boxes where packing tape gunk is going to get all over the edge.